Closing Gold & Silver Market Report, 8/14/2012

Brandi Brundidge

8/14/2012 4:13:00 PM

GOLD STAGNATION DISAPPOINTS; SYRIAN CONFLICT CLOSING?   

Gold closed down Tuesday as investors scaled back expectations of action by the Federal Reserve. “Better economic figures may make the Fed postpone or do away with additional stimulus,” said George Gero, vice president of RBC Capital Markets. Gold also appears still trapped around $1,600, and many investors are disappointed the metal has yet to strongly break above $1,625. Platinum showed the effects of supply concerns and the possibility of an uptick in auto sales by moving higher.

It appears that the unrest in Syria might be coming to a bloody close. “The regime is collapsing, spiritually and financially, as it escalates militarily,” former Prime Minister Riyad Hijab said. “It no longer controls more than 30 percent of Syrian territory.” While most of the major towns and cities along the main highway have seen violence, difficult media access make it hard to determine government or rebel control.

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

• Gold, $1,599.60, Down $11.50.
• Silver, $27.85, Down $0.03.
• Platinum, $1,397.70, Up $3.90.
• Palladium, $578.40, Up $2.10.

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