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Market Reports

Mid-Day Gold & Silver Market Report – 9/11/2013


The Gold price remains relatively flat today following a fairly significant drop Tuesday.  As it appears that all involved parties are seeking a peaceful resolution to the Syrian crisis, the safe haven appeal of Precious Metals was temporarily diminished.  “Syria agreed yesterday to Russia’s proposal that it place its arsenal of chemical weapons under international control, whereupon a military strike against the Assad regime would initially appear to have been averted,” Commerzbank AG analysts wrote in a note Wednesday. “This reduces the demand for Gold as a safe haven. Additionally encouraged by climbing equity markets, [exchange-traded fund] investors have once again been selling their Gold holdings.”  With the prospect of a military clash temporarily subdued, investors now look to next week’s Federal Open Market Committee meeting to gain insight regarding the Federal Reserve’s plans to the present level of monetary stimulus. 

U.S. stocks are up again today as the S&P 500 is set to realize a seven-session win streak.  With President Barack Obama resolving to delay the decision to act against Syria, equities markets were temporarily relieved from the geopolitical tension that traditionally impacts markets negatively.  “We’re not out of the woods on news from Syria yet, but for the time being the market has digested the decision to delay action,” Russell Croft, fund manager at Croft-Leominster Inc., said. “Right now all eyes are on next week’s Fed meeting, that’ll be the big driver in the market with a few data points between now and then.”

At 1:11 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,365.70, Down $0.30.
  • Silver, $23.18, Up $0.15.
  • Platinum, $1,474.50, Down $0.60.
  • Palladium, $692.40, Up $0.80.
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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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