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Closing Gold & Silver Market Report – 11/6/2013

GOLD FINDS SUPPORT; GOVERNMENT MINTS MOVING MORE PRODUCTS IN 2013

Gold gained support on Wednesday with the expectation that the Federal Reserve will postpone tapering of its fiscal policy.  With the non-farm payroll being released this Friday investors are uncertain what the report will show. "We expect U.S. economic data to continue to have an outsized impact on gold for the near term,'' HSBC’s chief metals analyst James Steel said. "Given the recent string of better-than-expected U.S. economic data, gold may test the $1,300 an ounce level ahead of the payrolls report.''

Gold sales at Australia’s Perth Mint have increased by 13 percent in October as the price to take possession of physical metal dropped significantly in 2013.  The U.S. Mint reported they have sold more 1 oz Silver American Eagles so far this year than for the entire year of 2012.  Investors have been waiting on the sidelines for this opportunity to buy physical metal at a low cost. “There’d be people buying while the price is low,” the Perth Mint sales and marketing director Ron Currie said. “We’re getting a lot more product out the door because of previous orders that we hadn’t been able to supply because of capacity.”

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,319.20, Up $9.10.
  • Silver, $21.85, Up $0.16.
  • Platinum, $1,466.40, Up $15.40.
  • Palladium, $764.90, Up $13.60.
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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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