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Mid-Day Gold & Silver Market Report – 11/25/2013

IRAN DEAL STILL AFFECTING MARKETS

The Gold price has edged slightly downward in morning trading as the news of Iran limiting its nuclear program remains the focal point of investors. Naeem Aslam, chief market analyst at AvaTrade, explained that pressure on the Gold price comes “as the premium of the geopolitical is at its lowest point in the Middle East after Iran has struck a deal with the major world powers. Investors have added to their short positions as the demand for the safe heaven faded.” Richard Gotterer, managing director at Wescott Financial Advisory Group, explained that “Gold as an oil hedge is down slightly too.”

For the stock market, the Iran agreement “bodes well, and is a net positive for equities, and today’s action would support that,” according to Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. Andrew Wilkinson, chief economic strategist at Miller Tabak, explained that Gold is not the only commodity finding a rough road ahead. He said, “The initial Iranian agreement with the world to surrender its nuclear ambitions – at least the naughty part - is bolstering stocks and goosing the dollar. Commodity prices are finding a clearer path during a difficult year when traditional correlations fell by the wayside. But the path is down.”

At 1 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,243.00, Down $3.60.
  • Silver, $19.97, Up $0.05.
  • Platinum, $1,379.70, Down $4.00.
  • Palladium, $721.00, Up $5.40.

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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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