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Mid-Day Gold & Silver Market Report – 8/22/2013


Gold remains relatively flat today as low volume and lack of investor commitment ahead of the highly anticipated Fed stimulus tapering keeps Precious Metals trading in a tight range. The price plunge that saw Gold retreat to lows below $1,200 in late June has initiated a bevy of physical buying in India and China. Both nations traditionally represent the largest buyers of Gold jewelry, bars and coins, and the price retreat has further incentivized this demand among two investment cultures that view Gold as the conventional method of preserving wealth. Since reaching its low point, the Gold price has rallied 16 percent. Many economists and analysts are now predicting prices to rise through the end of the year as outflows of Gold-backed ETFs slow and strong physical demand endures. JPMorgan Chase & Co. and Bank of America have both increased their projections for Gold in 2013 with the latter forecasting an average price of $1,495 during the fourth quarter. 

U.S. stocks are rising Thursday as the Dow Jones Industrial Average hopes to break out of its longest losing streak in over a year. After falling sharply again on Wednesday as reluctant investors weighed the Federal Reserve’s intentions regarding a reduction in quantitative easing, stocks are slightly improved today amid positive domestic and global economic reports. “The economy is not at this point looking like it’s going into a recession. It is certainly not booming, and that is the quandary the Fed has and why the taper is such a big deal,” Paul Nolte, managing director at Dearborn Partners, said. If and when the Fed will begin scaling back its asset purchase program remains the giant question mark for investors and traders who ponder the impact the move could have on equity and Precious Metals markets. 

At 1 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,374.50, Up $2.20.
  • Silver, $23.20, Up $0.16.
  • Platinum, $1,538.50, Up $18.40.
  • Palladium, $756.40, Up $8.00.

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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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