Mid-Day Gold & Silver Market Report – 8/21/2013

GOLD, STOCKS SOFTEN AS INVESTORS AWAIT FED MINUTES

Investors eagerly await July’s Federal Open Market Committee (FOMC) minutes today, causing Gold futures to fall slightly ahead the release this afternoon. “There’s some hesitation in the market ahead of the Fed minutes,” David Meger, director of metal trading at Vision Financial Markets, said. “The Fed is teetering on the fence between wanting to do some type of tapering and not wanting to upset the apple cart, so it’s not surprising to see consolidation ahead of the news.” Gold has fallen 18 percent this year with assets inside Gold-backed exchange-traded funds down 26 percent, setting the metal up to end the its 12 year winning streak. Investors will await today’s Fed minutes and forthcoming economic news to see how Precious Metals and equities markets will perform through the end of 2013. 

U.S. stocks are also down today ahead of the Fed minutes, sending the Dow Jones Industrial Average into the red for the sixth straight session. Since its all-time high finish on August 2, the Dow has fallen almost 700 points and now rests below the key psychological level of 15,000. As volume remains low during the summer months, traders and investors are awaiting news that could potentially activate some significant price movement. “The only thing that might prompt some price movement is if policymakers deviate in any way from the previous minutes and give more clarity about the timing and constitution of a possible tapering program,” Michael Hewson, senior market analyst at CMC markets, said.

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

  • Gold, $1,371.40, Down $3.20.
  • Silver, $23.11, Down $0.05.
  • Platinum, $1,521.80, Down $4.70.
  • Palladium, $748.50, Down $2.60.

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Disclaimer:

APMEX’s ‘News and Commentaries’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. 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 "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

US Dollar Prices are in USD

Precious Metal Prices
4/24/2014 9:12:11 AM EST

Metal Bid Ask Change
Gold $1,275.60 $1,277.60 ($9.00)
Silver $19.26 $19.36 ($0.13)
Platinum $1,389.00 $1,399.00 ($4.90)
Palladium $789.80 $794.80 $7.80
4/24/2014 9:12:11 AM EST

Click here for Historical Charts*All Charts are in USD


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