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

Ted Prince

8/1/2013 4:19:00 PM

GOLD STEADIES AS S&P BREACHES KEY LEVEL

Despite guarded comments from the U.S. Federal Reserve Wednesday giving no indication of plans to deviate from the current stimulus platform, investors remain concerned about a potential reduction in monetary easing.  Due to a lack of commitment from both buyers and sellers, Gold and Silver remained flat throughout Thursday’s trading session.  However, Precious Metals prices could experience more action tomorrow as investors await the release of U.S. non-farm payroll data.  “If we see a very strong recovery in the employment situation, that will unsettle the markets,” said one Hong Kong-based Precious Metals dealer.  Economic reports have remained largely optimistic this week and investors will continue to scrutinize data to gain insight into the future of Precious Metals and the U.S. economy as a whole. 

As the Gold price held steady today, stocks soared to another session of gains following strong economic numbers that helped the S&P 500 settle above 1,700 for the first time.  As all ten sectors of the S&P finished in positive territory today, some analysts view the breach of 1,700 as an ominous sign.  Many market experts, like Wells Fargo regional chief investment officer Marc Doss, view the much anticipated tapering of quantitative easing measures as the potential impetus for a massive correction.  “It’s ironic, in that 1,700 is our year-end target. This has been faster and stronger than we expected. It’s been so far and so long since we had a full correction,” Doss said.

At 5:18 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,310.00, Down $5.00.
• Silver, $19.68, Up $0.04.
• Platinum, $1,439.60, Up $9.30.
• Palladium, $734.00, Up $6.20.

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