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Closing Gold & Silver Market Report – 9/11/2013

ANALYSTS PREDICT GOLD’S FUTURE; ITALY’S POLITICAL WOES EXTEND

Goldman Sachs Group Inc. suggested in a report today that if a date to begin tapering the U.S. Federal Reserve’s stimulus program is set at next week’s policy meeting, Precious Metals could see a price pullback due to investor selloff. “Gold prices will decline into 2014 on the back of an acceleration in U.S. activity and a less accommodative monetary-policy stance,” Goldman Sachs analysts wrote. “The September [Federal Open Market Committee] meeting, where our economists expect a tapering of QE3, could prove the catalyst to push Gold prices lower.” The thought is once tapering occurs, the U.S. economy will appear to have stabilized and begin to show growth, which moves investors away from the safe haven appeal Gold carries. 

German elections are quickly approaching as Italy is attempting to handle its own political controversy with former Prime Minister Silvio Berlusconi, convicted in August for tax fraud.  Berlusconi’s political comrades threatened to destroy the already fragile government alliance if the Italian Senate makes the decision to expel him.  If the Senate allows him to stay, the Italian government’s integrity will be ruined, which may be the reason for the Senate committee postponing their vote Tuesday. Italy’s rise in borrowing costs and devastating economic data more recently has been blamed on the neverending “political soap opera.”

 

At 1:11 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,367.50, Up $1.50.
  • Silver, $23.26, Up $0.22.
  • Platinum, $1,477.30, Up $2.20.
  • Palladium, $692.60, Up $1.00.
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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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