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Market Reports

Morning Gold & Silver Market Report – 8/7/2013


The Gold price fell in overnight trading to a three week low as speculation abounds that the U.S. Federal Reserve will start to reduce bond purchases within the next few months. This is the much debated and much speculated topic of tapering. It is inevitable that the Fed will taper their bond buying as the economy is showing signs of improvement; the exact timing is what is unknown. Michael Lewis, head of commodities research at Deutsche Bank, said, “We expect the Fed will taper its asset program from September onwards.”

In continued mixed news, stock futures point to a lower start on Wall Street due to, once again, Federal Reserve tapering talk. Ava Trade chief market analyst Naeem Aslam said, “You may think that the tapering talk was already priced into the markets, but traders are certainly not convinced by this idea.” Not everyone agrees however, and many are using the Fed talk as a reason just to sell. Peter Cardillo, chief market economist at Rockwell Global Capital, offers his opinion, “The market has been going down for the past two days in slow volume. I think the market has already priced in tapering.” Regardless of your opinion, volatility abounds in an otherwise quiet trading period.

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,278.80, Down $3.70.
  • Silver, $19.41, Down $0.21.
  • Platinum, $1,425.80, Down $3.00.
  • Palladium, $718.10, Down $6.20.

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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