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Closing Gold & Silver Market Report – 8/13/2013


Following a four day rally, Gold ended the day down after a strong dollar and an optimistic U.S. economic outlook increased the likelihood the U.S. Federal Reserve will soon rein in its monetary easing program.  Strong economic data has outweighed negative data in 2013, which Jim Russell, senior equity strategist at U.S. Bank’s Private Client Reserve, said is “consistent with the Federal Reserve moving ahead with the first step of tapering purchases of both Treasury and mortgage-backed securities in the open market over the next few weeks.”  Though the Gold price has taken a beating this year, worldwide demand for Gold is historically boosted in post-summer months as industrialized nations manufacture jewelry ahead of the various holidays.  Along with figures that show China overtaking India as the number one buyer of physical Gold, the third quarter could be a robust period for the yellow metal.

U.S. stocks rebounded from early losses Tuesday as a two-day losing streak was halted following mixed retail sales reports indicating modest domestic expansion.  “I don’t know that we’re going to have a roaring recovery anytime soon, but the economy does seem to be advancing, slowly but certainly advancing, and that I think has sunk in finally,” Pioneer Investment Management Inc. fund manager John Carey said.  As economic numbers continue to show improvement, many analysts are confident the Fed will announce their intentions to begin a reduction of monetary easing during September, and traders and investors await the potential impact on both Precious Metals and equities markets.

At 5:24 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,322.20, Down $14.00.
  • Silver, $21.51, Up $0.08.
  • Platinum, $1,499.60, Down $0.10.
  • Palladium, $739.40, Up $0.30.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! 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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World Market Trading Hours

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.

NYMEX Markets
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8:30 a.m.-1:00 p.m. (ET)
CME Globex
World Markets
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6:00 p.m.-5:00 p.m. (ET)
6:00 p.m.-5:00 p.m. (ET)

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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