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Mid-Day Gold & Silver Market Report – 8/27/2013

SYRIA CONCERNS PUSH INVESTORS TO GOLD

Today, Gold officially hit a 15-week high on growing concern surrounding the possibility of the West using military force against Syria.  During times of uncertainty, investors generally flock to Gold as a safe haven asset.  “The major reason for Gold's gains is the safe-haven buying on the back of geopolitical tension in Syria  and soaring crude oil prices, which are another source of support for Gold,” Quantitative Commodity Research owner Peter Fertig said.  Once the U.S. Federal Reserve makes a decision on tapering fiscal policy, the Precious Metals market could see another boost if the cut is modest or if it doesn’t happen this year.

U.S. consumer confidence for August moved closer to a 5 ½ year high with a forecast reflecting optimistic views on the job market and wages.  “Consumer confidence and sentiment indices are in a solid uptrend,” Joshua Shapiro, chief U.S. economist at MFR Inc., wrote in a note to clients.  The unemployment rate is still extremely high, as July saw the lowest amount of jobs added in the past four months.

 

At 3:34 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,419.80, Up $24.70.
  • Silver, $24.63, Up $0.56.
  • Platinum, $1,530.00, Down $15.50.
  • Palladium, $747.00, Down $0.60.

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Disclaimer:
APMEX 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. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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