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Closing Gold & Silver Market Report – 9/10/2013


The Gold price retreated today as Syrian officials conceded to international pressure to cease production on and release the location of its chemical weapons. With the imminent fear of military conflict diminished, the safe haven appeal of Precious Metals was temporarily quelled.  For now, investors continue to digest U.S. economic data to determine the Federal Reserve’s course of action regarding quantitative easing in next week’s Federal Open Market Committee (FOMC) meeting. Since it appears that stimulus tapering is forthcoming, the main questions analysts are asking concern the timing of the announcement, the scale of reduction and the impact on domestic markets. 

U.S. stocks continued their upward trend today as the S&P 500 extended its winning streak to its longest since July. “The news from Syria is positive and we had decent economic data out of China,” Gary Flam, a portfolio manager at Bel Air Investment Advisors LLC, said. “Investors came into September cautiously positioned, but one by one their concerns are being removed or lessened.” Investors and analysts will continue to eye negotiations with Syria and the upcoming FOMC meeting for further indications of market progress.

At 5:39 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,365.00, Down $23.70.
  • Silver, $23.01, Down $0.73.
  • Platinum, $1,475.80, Down $8.20.
  • Palladium, $693.80, Up $11.80.
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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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