Morning Gold & Silver Market Report – 9/11/2013
GOLD TREADS WATER AFTER POSSIBLE SYRIAN RESOLUTION
The Gold price is trading mostly flat while Silver, Platinum and Palladium prices are gaining ground after U.S. President Barack Obama’s speech on Syria yesterday. Obama said he would explore the Russian-supported diplomatic solution of Syria giving up its chemical weapons. Danske Bank analyst Christin Tuxen said, “The fact that the Syrian situation is all back to a diplomatic solution is something that is not really supporting Gold or crude oil right now and the moves lower seen in the past sessions were merely due to that.”
U.S. stock futures are pointing toward a lower open on Wall Street this morning. Obama’s speech was part of the reason, but it seems that many investors are now looking mainly at next week’s U.S. Federal Reserve meeting and whether a decision to taper the quantitative easing program will be made. Stephen Pope of Spotlight Investing said, “Looking at the schedule of economic and Treasury auctions, I see little that would outweigh the sense of waiting for the [Federal Open Market Committee] communiqué.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,363.70, Down $2.40.
- Silver, $23.10, Up $0.06.
- Platinum, $1,479.60, Up $4.50.
- Palladium, $700.30, Up $8.60.