Closing Gold & Silver Market Report – 8/15/2013
BIG DAY FOR METALS ON TECHNICAL BUYING
Following a slow start to Thursday’s trading session, Precious Metals prices have been lifted substantially as Gold broke through key technical levels and unrest in the Middle East boosted the safe haven appeal of metals. "Today's move was mostly driven by technicals, and that spooked the bearish bets out of the Gold market," said Axel Merk, chief investment officer of California-based Merk Funds. Gold has recently tried to surpass the $1,350 per ounce mark, with no success. However, once this barrier was breached, Gold quickly rose to roughly $1,365 per ounce, bringing other Precious Metals with it. Silver may be today’s biggest story, realizing its seventh straight session of gains with a 6 percent rise to end the day. As we head into the weekend, investors will see if recent gains can hold before structuring future positions.
U.S. stocks fell considerably today with the Dow Jones Industrial Average racking up its second straight day of triple digit losses, marking the first day since June it has dropped more than 100 points two days in a row. Continued fear surrounding the scaling down of U.S. Federal Reserve stimulus measures along with a jump in Treasury yields and poor corporate earnings forecasts all weighed heavily on equities. Investors and traders will wait to see if recovery from today’s losses can be realized during Friday’s session.
At 5:17 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,367.60, Up $32.20.
- Silver, $23.06, Up $1.19.
- Platinum, $1528.90, Up $22.70.
- Palladium, $764.80, Up $22.90.
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