Closing Gold & Silver Market Report – 11/6/2013
GOLD FINDS SUPPORT; GOVERNMENT MINTS MOVING MORE PRODUCTS IN 2013
Gold gained support on Wednesday with the expectation that the Federal Reserve will postpone tapering of its fiscal policy. With the non-farm payroll being released this Friday investors are uncertain what the report will show. "We expect U.S. economic data to continue to have an outsized impact on gold for the near term,'' HSBC’s chief metals analyst James Steel said. "Given the recent string of better-than-expected U.S. economic data, gold may test the $1,300 an ounce level ahead of the payrolls report.''
Gold sales at Australia’s Perth Mint have increased by 13 percent in October as the price to take possession of physical metal dropped significantly in 2013. The U.S. Mint reported they have sold more 1 oz Silver American Eagles so far this year than for the entire year of 2012. Investors have been waiting on the sidelines for this opportunity to buy physical metal at a low cost. “There’d be people buying while the price is low,” the Perth Mint sales and marketing director Ron Currie said. “We’re getting a lot more product out the door because of previous orders that we hadn’t been able to supply because of capacity.”
At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,319.20, Up $9.10.
- Silver, $21.85, Up $0.16.
- Platinum, $1,466.40, Up $15.40.
- Palladium, $764.90, Up $13.60.