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Mid-Day Gold & Silver Market Report – 12/5/2013


Following a strong one day rally yesterday, Gold has given back much of yesterday’s gains as unemployment benefits claims fell and U.S. GDP showed improvement in the third quarter.  These types of indicators are negative for Gold in the short term as investors view them as signs that the Federal Reserve will begin tapering its bullion-friendly quantitative easing program.  “The drip-drip stories about possible taper is acting like water torture on the gold prices — incessant and corrosive to confidence,” Ross Norman, chief executive officer at Sharps Pixley, said.  “However, if and when done, the impact, we believe, be marginal.”  Compared to the massive selloff and resulting price dip that saw the largest two-day drop in 30 years, many analysts and investors already expect an eventual taper and believe this event may be already priced into Precious Metals markets.  As the highly anticipated nonfarm payroll numbers are set to be announced tomorrow, many investors will remain sidelined until the release of data points to a positive direction for metals prices. 

Stocks are down for a fifth straight session today as the release of positive economic data increased the expectation for an upcoming reduction in Fed stimulus measures.  “The numbers today pave the way for the Fed to cut stimulus,” Matthew Kaufler, a portfolio manager at Federated Investors Inc., said. “There’s angst in the short run, but I think it’s only positive in the long run that the Fed begin to taper and extricate itself from being the ultimate market maker.”  Non-farm payroll figures are expected to have a similar impact on equities, as they did for Precious Metals, come tomorrow. 

At 1:41 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,234.70, Down $15.00.
  • Silver, $19.63, Down $0.25.
  • Platinum, $1,363.90, Down $14.10.
  • Palladium, $735.40, Up $5.80.

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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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