Closing Gold & Silver Market Report – 9/4/2013
MARKET PREPARES FOR FRIDAY’S NON-FARM PAYROLL; SILVER DEMAND ON THE RISE
Today, the market began preparing for Friday’s U.S. non-farm payroll report as it’s been speculated the data will provide clues for the Federal Reserve’s next move on tapering monetary easing. Gold dropped nearly two percent as investors began profit taking on the metal’s recent gains ahead of the upcoming Federal Reserve meeting Sept. 17-18 and due to geopolitical tensions in Syria. “A U.S. attack on Syria is not a done deal and after the latest announcements investors are just taking profits in Gold as well as in oil,” VTB Capital analyst Andrey Kryuchenkov said.
The demand for American Silver Eagle coins has increased this year as YTD sales from the U.S. Mint have already exceeded 2012 records. The U.S. Mint reported they have currently sold 33.75 million ounces of Silver coins in 2013 compared to 33.74 million in 2012. Investors have turned to Silver as an alternative asset as it has turned back into a bullish market with a gain of 29 percent in just two months’ time. “Demand continues to remain very strong,” Paul Zimnisky, chief executive officer of Pure Funds, said. “The lure of it being an industrial metal is also giving it a boost as expectations of demand in China are improving.”
At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,393.30, Down $20.70.
- Silver, $23.50, Down $0.95.
- Platinum, $1,497.00, Down $42.20.
- Palladium, $696.00, Down $20.10.
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