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Closing Gold & Silver Market Report – 10/23/2013


Precious Metals prices continued their rise today with Gold futures climbing more than one percent. It is a five week high for Gold that comes on news of positive manufacturing data from China showing a seven-month high in the country’s Purchasing Managers’ Index. Naeem Aslam, chief market analyst at AvaTrade, said, “The economic recovery is getting better in the country. This is definitely a positive sentiment for Gold demand, given that China is one the biggest consumers of Gold.”

Investors are adding record amounts of margin debt as the stock market nears all-time highs. September margin levels grew to a record $401 billion. The gain of 4.78 percent for the month was also the largest increase since January, creating concern for some analysts.  Paul Hickey, co-founder of Bespoke Investment Group, said, “Investors love going on margin in a rising market environment, but when the market declines, it can be extremely painful.”

At 5:57 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,348.80, Up $12.80.
  • Silver, $ 22.77, Up $ 0.11.
  • Platinum, $ 1,452.20, Up $ 11.60.
  • Palladium, $ 748.10, Up $ 1.10.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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Our spot prices are subject to change during the following hours, excluding holidays. View current spot prices for Gold, Silver, Platinum and Palladium on our Spot Price Charts page.

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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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