Closing Gold & Silver Market Report – 8/14/2013
GOLD REGAINS LOST GROUND AS STOCKS SLIDE AGAIN
Gold held on to early gains Wednesday as the metal was able to recover from yesterday’s losses. While Gold rose moderately, Silver has rallied for the fifth straight session, reaching its highest level since mid-June. Analysts are now waiting to see if Gold can break through its next resistance level of $1,350 per ounce following tomorrow’s release of the July Consumer Price Index (CPI). Economists polled by MarketWatch expect the CPI figures to be lower than June’s numbers, which have many predicting a rise in metals that could surpass the next technical barrier in the short-term.
U.S. stocks fell again on impending stimulus tapering concerns. The S&P 500, which briefly broke through 1,700 for the first time, fell to roughly 1,685. The Dow Jones Industrial Average dropped more than 113 points at today’s close. Though trading volume is 20 percent below its 100-day moving average, the ubiquitous anxiety surrounding a reduction of quantitative easing measures has traders and investors in somewhat bearish territory. “The market is scope-locked on [U.S. Federal Reserve] tapering in September,” ING U.S. Investment Management chief market strategist Douglas Cote said. “Quantitative easing is creating some excess in the financial system. The last thing [Fed Chairman Ben] Bernanke wants when he finishes his term is to be responsible for the next bubble.”
At 5:01 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,337.50, Up $15.00.
- Silver, $21.94, Up $0.52.
- Platinum, $1,507.00, Up $6.30.
- Palladium, $741.40, Up $1.00.
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