Morning Gold & Silver Market Report – 8/1/2013

Ryan Schwimmer

8/1/2013 7:47:00 AM

ONE WEIGHT ON GOLD’S PRICE DISSIPATING

Precious Metals and U.S. stock futures are both trading higher this morning after yesterday’s U.S. Federal Reserve statement and the overnight release of China’s purchasing managers index. Peter Garnry of Saxo Bank said, “The drivers are both the more dovish tune from the Fed and better-than-expected PMI figures from China overnight. If you take those two events and combine it with a good earnings season with few profit warnings, then you have the right mix for a positive market.”

Precious Metals held onto gains after the release of the weekly jobless claims report, which unexpectedly fell by 19,000. For Gold, one major factor of this year’s decline was exchange-traded funds (ETFs) being sold at record rates. For the fifth day in a row, however, the largest of those funds, New York’s SPDR Gold Shares, saw no outflows. Commerzbank said in a note, “On balance, no more Gold has been withdrawn from the ETFs in the past six days of trading. If the ETF outflows were to come to an end, one key factor weighing on the Gold price would be eliminated.”

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,324.60, Up $9.60.
• Silver, $19.86, Up $0.15.
• Platinum, $1,441.60, Up $11.30.
• Palladium, $736.40, Up $8.60.

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