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Closing Gold & Silver Market Report – 8/5/2013


Today, Gold fell from positive economic data, but was able to stay above its supported level of $1,300 an ounce. The Commerce Department reported that U.S. manufacturing grew in July at its quickest rate in more than two years. “The economy is healing, and if the economy is healing then it doesn't require the assistance of the Fed,” said John Stephenson, who helps oversee about $2.7 billion (CAD) at First Asset Investment Management Inc. in Toronto. “Whether tapering happens tomorrow or next year, it’s coming, and the market knows it.” The U.S. Federal Reserve’s plan to cutback fiscal policy has been the focal point for investors. The announcement created more confusion in the market as mixed economic data continues to be reported, and investors have no sense of what direction the Fed may decide to take. 

Analysts are anticipating economic data out of China this week with hopes that the country is heading out of a financially difficult time. Released over the weekend and providing a great start to the week, China’s non-manufacturing Purchasing Managers’ Index indicated growth in their service sector. “Markets will focus on industrial production and trade this week, with a particular focus on exports. Expectations are subdued, which means it will not be difficult to exceed them,” Dariusz Kowalczyk, senior economist and strategist at Credit Agricole, said. Raymond Yeung, senior economist at ANZ, is not convinced by the data, saying, “We expect that all these real activity data to remain on a downtrend.”

At 5:07 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, 1,304.00, Down $8.50.
  • Silver, $19.76, Down $0.25.
  • Platinum, $1,451.90, Down $0.60.
  • Palladium, $733.80, Up $2.50.

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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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