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Closing Gold & Silver Market Report – 8/6/2013


The Gold price fell to the lowest it has been in three weeks today. A variety of data affected the already embattled Precious Metal until apparent technical selling at the $1,300 mark kicked in, driving the price even lower. One key factor was the improvement in the trade deficit. The U.S. economy may have grown faster than initially reported in the second quarter as evidenced by the lowest traded deficit in 3-1/2 years in June when exports reached record highs and imports fell. The improvement in European economic conditions and continued stability in China all point to continued growth in the U.S. for 2014 and beyond. These improvements lend a hand to the continued talk of tapering the current QE program.

The summer doldrums are in full effect right now, and the U.S. stock market is not immune. Monday was the lightest volume full trading day of the year. This is partially due to the lack of data and information from earnings reporters and mixed signals from Fed officials. Ken Polcari, director of the NYSE floor division at O'Neil Securities in New York, said, “[Fed officials] are all hedging themselves, which is why the market continues to just be a little bit confused and why it is going to churn.” The U.S. dollar showed weakness against the Yen today, and Oil prices came down as well.

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

  • Gold, 1,284.20, Down $20.20.
  • Silver, $19.56, Down $0.25.
  • Platinum, $1,429.20, Down $19.90.
  • Palladium, $723.80, Down $12.90.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 7 p.m. (CDT)! Or call us Fridays until 5 p.m. (CDT)! If you have any questions about investing in precious metals or simply would prefer to place your order by telephone, we are here to help.

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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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