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Morning Gold & Silver Market Report – 8/30/2013


Precious Metals are trading lower this morning after news that the United Kingdom parliament voted against a strike on Syria. However, French President Francois Hollande said a military response to the reported chemical attacks in Syria could come as soon as Wednesday. Hollande said, “The chemical massacre of Damascus cannot and must not remain unpunished. All options [are available and] France wants firm and proportionate action.” A response would likely focus on Syria’s ability to launch chemical attacks as opposed to a removal of Syrian President Bashar al-Assad from power.

Though the past 24 hours have seen Gold and Silver prices fall, the metals are still on track for a weekly and monthly gain. VTB Capital analyst Andrey Kryuchenkov explained, “You have a decrease in the risk premium as it seems that the Syrian action is delayed. Investors are taking profits because nobody wants to be caught short or long ahead of the weekend, when more developments on the geopolitical front are expected.”

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

  • Gold, $1,396.30, Down $18.50.
  • Silver, $23.71, Down $0.45.
  • Platinum, $1,516.80, Down $6.60.
  • Palladium, $728.50, Down $10.80.

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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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