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Mid-Day Gold & Silver Market Report – 9/4/2013


Precious Metals prices have fallen today as safe haven investors remain focused on the conflict between the U.S. and Russian-backed Syria.  “Russia’s objections are taking some premium out of gold as it’s becoming increasingly clear that U.S. will face opposition,” Adam Klopfenstein, a senior market strategist at Archer Financial Services Inc., said. “Also, the tapering worries remain” regarding the timing for the Federal Reserve to reduce the current level of quantitative easing.  Gold has mounted an impressive rally over the summer climbing 20 percent from its three-year low of $1180 in late June.  Today’s price dip marks that largest single day drop for Gold and Silver in eight weeks.  As we enter September, Precious Metals investors will continue to focus intently on Western conflict with Syria and the possibility of the Fed scaling back its monthly asset purchase program. 

U.S. stocks have risen today as markets continue to weigh the possibility of a military strike against Syria.  The energy sector has been extremely volatile since the inception of the conflict and investors will continue to await a congressional vote to move against the nation, which is suspected of using chemical weapons on civilians.  "We're waiting for the vote, and then to see what actually happens," said Mark Grant, managing director at Southwest Securities in Fort Lauderdale. "People hope there will just be a tactical strike and that's it. But there are worries about retaliation and a wider conflict isn't priced into the market."

At 1:25 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,392.00, Down $22.00.
  • Silver, $23.47, Down $0.98.
  • Platinum, $1,496.00, Down $43.20.
  • Palladium, $695.50, Down $21.40.

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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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