Mid-Day Gold & Silver Market Report – 8/13/2013
WEAK RETAIL SALES WEIGH ON MARKETS
Even as trading volume remains low during the summer season, Gold is down halfway through Tuesday’s session as a stronger dollar and reports of an increase on Indian import taxes weigh on the metal. However, July retail sales data came in below target, leaving many economists wondering whether tapering of the U.S. Federal Reserve’s quantitative easing program is currently premature. As Gold has fallen more than 20 percent during 2013, Gold investors remain focused on domestic economic news for any signs that might indicate the Fed is prepared to reduce its present bond purchase package.
U.S. stocks are down for a third straight session today following July’s disappointing retail sales reports. Following June’s retail sales rise of 0.6 percent, July figures fell short of the 0.3 percent growth projected and only increased 0.2 percent. “Consumers are still spending, although limited income growth appears to also be holding spending increases in check,” Plante Moran Financial Advisors chief investment officer Jim Baird said. As equities investors await the next Fed meeting, many wonder if pulling back the amount of monthly asset purchases will have the jarring impact many predict or if the anticipation of the inevitable is already priced in to the market.
At 1:24 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,322.20, Down $14.10.
- Silver, $21.44, Up $0.02.
- Platinum, $1,499.10, Down $0.60.
- Palladium, $740.40, Up $1.30.
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