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Closing Gold & Silver Market Report – 8/20/2013


Gold, better known as an alternative investment for some, continued to trend upwards for the fourth time in five sessions due to a weaker dollar. The market is patiently waiting for the Federal Reserve’s Federal Open Market Committee meeting minutes, which will be released Wednesday and could possibly provide more insight into the Fed’s plans to taper fiscal policy. The speculation of when the Fed will cut back its monthly bond buying program has been a key topic, and the majority of investors believe it may be as soon as September. Many expect the minutes to confirm the forecasted date.

Precious Metals are not the only commodity looking forward to the release of the minutes from the Fed’s July meeting. The financial market will be watching for any key clues that indicate a timeframe of when to expect the cut-back of monetary easing. Avery Shenfeld, chief economist at CIBC World Markets, believes that the Fed presidents from Chicago, St. Louis and Atlanta provided insight into the internal debate at the central bank over whether fiscal policy is ready to be tapered. “We know a lot about what they think individually. I can’t see how the minutes are going to add clarity,” he said.

At 5:12 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,372.40, Up $4.70.
  • Silver, $23.08, Down $0.17.
  • Platinum, $1,520.50, Up $10.50.
  • Palladium, $749.90, Down $4.50.

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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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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