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Morning Gold & Silver Market Report – 11/8/2013

GOLD FLAT FOLLOWING FRIDAY SELLOFF

Gold is trading at even levels Monday morning following a significant price dip Friday on surprisingly upbeat employment data.  As anxious traders and investors await clear signs regarding the future of U.S. monetary policy, positive jobs data fuels speculation that the Federal Reserve will soon begin tapering its monthly asset purchase program, a negative factor for Gold.  Following Friday’s selloff when Gold sank below $1,300 per ounce, no new economic reports are expected to reveal anything that could considerably impact metals.  "This week is data-empty and it will be a question of working out if there is a follow-through to the reaction that we saw last week and whether bond yields continue to climb, and assess how the market looks at tapering."

U.S. stock futures are also flat this morning as markets await earnings reports.  Domestic stocks have realized their longest streak of weekly gains since February.  “The main focus for the market is going to remain on the economy and if that feeds through to company earnings,” Alison Porter, U.S. equities fund manager at Ignis Asset Management, said.  Corporate earnings will be of short-term importance to investors this week.  However, stimulus tapering measures remain the overall focus to Gold and stock investors alike as analysts predict tapering to be delayed until the second quarter of 2014. 

At 9:50 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,284.40, Down $2.20.
  • Silver, $21.41, Up $0.04.
  • Platinum, $1,435.90, Down $8.00.
  • Palladium, $750.50, Down $8.40.

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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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