Mid-Day Gold & Silver Market Report – 9/20/13
METALS SHOW EFFECTS OF PROFIT TAKING
Precious Metals prices are continuing to slowly slide through mid-day trading as this week’s big rally upward begins to slow. With many feeling prices are being affected by profit taking, Gene Arensberg, editor of the Got Gold Report said, “So what we’re seeing now is digestion of the surprise knee-jerk reaction on Wednesday — but make no mistake: the game has changed. This is merely a consolidation.”
While many analysts continue to monitor the constant changing economic environment and new data, a top Wells Fargo strategist has given her thoughts on the future of our financial markets. Gina Adams doesn’t believe stocks have completely reacted to the rate rally they have seen and thinks the S&P 500 is going to 1,440. She said, “Stocks tend to follow rates over time. … Unless bonds can actually rally substantially with the so-called Fed bid, and the Fed is able to manipulate yields significantly lower, the damage has been done, and I think the cat is quite frankly out of the bag.” Historically investors have turned to Gold to provide their portfolios stability due times of economic uncertainty.
At 1:28 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,335.20, Down $36.00.
- Silver, $21.96, Down $1.36.
- Platinum, $1,433.30, Down $40.70.
- Palladium, $718.90, Down $18.40.
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