Closing Gold & Silver Market Report – 8/28/2013
OIL PRICES RISE AS SYRIA HEADLINES NEWS
Gold and Silver prices ended Wednesday with a slight pullback from this morning’s rallies. With geopolitical tensions continuing to rise in Syria and speculation of a military attack from the United Nations, Precious Metals prices have responded. Richard Gotterer, managing director at Wescott Financial Advisory Group, said, “There’s nothing like the threat of military action to bring buyers back to Gold.” He continued to say that if an attack is authorized, “Gold will probably surge some more on the uncertainty.”
U.S. stocks finished the day higher with a slight boost from the energy sector. Oil prices are rising based on continued unrest in Syria and the Middle East. UBS Financial Services director of floor operations Art Cashin said, “The market was somewhat impervious to the geopolitical risk that was out there and now it's come home to roost I think you want to watch both oil and Gold … The difficulty is that once events begin to take place, they can accelerate and that becomes a problem.”
At 5:08 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,420.30, Down $1.90.
- Silver, $24.42, Down $0.29.
- Platinum, $1,540.10, Up $7.00.
- Palladium, $746.00, Down $4.70.