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Mid-Day Gold & Silver Market Report – 8/30/2013

SYRIA IN HEADLINES KEEPS PRESSURE ON METALS

Precious Metals are trending downward through mid-day trading as the speculation of an imminent military attack on Syria is starting to lose momentum. However, Gold futures rose nearly 7 percent for the month of August and around 14 percent for the quarter. Mark O’Byrne, executive director at GoldCore in Dublin, said, “The smart money is in position or positioning itself for the coming rally which should see Gold back above $1,600/oz by year end.” 

U.S. stocks declined on the final day of August trading and are poised to have the worst  monthly decline since May 2012. Most sectors are trading lower, with energy stocks being the exception due to continued speculation of a Syrian air strike and effects it could possibly have on the region.  Historically, Gold and other Precious Metals prices have risen with international conflict as investors turn to the metals to provide stability in their portfolios.

At 1:28 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,399.20, Down $15.80.
  • Silver, $23.55, Down $0.62.
  • Platinum, $1,525.10, Down $1.70.
  • Palladium, $721.40, Down $17.70.

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Disclaimer:
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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