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Mid-Day Gold & Silver Market Report – 11/8/2013


Precious Metals prices continued their downward trend through mid-day trading.  A stronger-than-expected jobs report fueled speculation that the U.S. Federal Reserve would begin to taper its quantitative easing program before year’s end.  GFT Markets technical analyst Fawad Razaqzada said, “The numbers absolutely blew past expectations. After yesterday’s surprisingly strong U.S. GDP figure, this has strengthened the argument for the Fed to reduce stimulus before the end of this year. And because of that reason, Gold prices have plunged today.”

U.S. consumer sentiment dipped to a near two-year low in November.  Lingering negative views of the government and consumer fears of job prospects and financial outlooks were key factors. Richard Curtin, survey director for the Thomson Reuters/University of Michigan consumer sentiment report, said, “Following the end of the shutdown, consumers were somewhat more optimistic about the outlook for the economy, but thus far the rebound has been lackluster.”

At 3:07 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,287.90, Down $22.60.
  • Silver, $21.50, Down $0.21.
  • Platinum, $1,445.60, Down $12.20.
  • Palladium, $759.90, Down $0.30.

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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