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


Precious Metals and U.S. stock futures added to early gains after the release of the weekly jobless claims report.  The report showed that 5,000 new claims were filed, and new claims from two weeks ago were revised upwards.  Continuing jobless claims increased by 67,000.  The U.S. dollar fell after the report to a seven-week low, leading the way for Gold and Silver to continue their climb.

Cleveland Federal Reserve President Sandra Pianalto said Wednesday that the Fed could begin tapering its quantitative easing (QE) program soon, should recent job market improvements continue, though the comments had little effect on Precious Metals prices. Analysts at HSBC said in a note, “The bullion market's lack of a reaction to Ms. Pianalto's comments may indicate the degree of QE 'tapering' expectations already built into the Gold price.  An announcement by the Fed later in the year to withdraw QE would be seen as less of a surprise for the gold market.”

At 9:52 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,296.30, Up $9.10.
  • Silver, $20.00, Up $0.41.
  • Platinum, $1,481.80, Up $42.50.
  • Palladium, $741.90, Up $17.20.

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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Our spot prices are subject to change during the following hours, excluding holidays. View current spot prices for Gold, Silver, Platinum and Palladium on our Spot Price Charts page.

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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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