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Mid-Day Gold & Silver Market Report – 9/10/2013


The Gold price has fallen to near a three-week low on news of an agreement for Syria to give up their chemical weapons.  Societe Generale analyst Robin Bhar said, “The whole reason Gold rallied in the last few weeks has been on the back of the Middle East tension and the rise in the oil price, but that now is going into reverse with the possibility of an agreement.  At the moment this whole idea (the Russian proposal on Syria) looks constructive and if the practicalities can be met this is the end of the tension, bringing back Gold to react more to the idea that Fed tapering could start in a few weeks time.”

Eased fears about the situation in Syria have been supportive for stocks, though positive data out of China has also helped.  Tom DeMarco of Fidelity Capital Markets said, “The cautious tone we've seen in the past few days has abated.  We had some better news out of China overnight, which is giving investors some cheer in terms of global economic potential, and the geopolitical situation looks like tensions may be lessening, which would be positive for markets as well.”

At 1:10 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,365.30, Down $23.40.
  • Silver, $23.02, Down $0.72.
  • Platinum, $1,475.40, Down $8.60.
  • Palladium, $691.50, Up $9.50.
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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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