Daily Gold & Silver Market Report – 8/1/2016
Paul Stevens
8/1/2016 3:38:00 PM
METALS ON THE MOVE AS GDP DISAPPOINTS
Precious Metals continue their recent run, gaining momentum during Monday afternoon trading hours. After seeing a small pullback Monday morning, Gold is on the rise as Silver hits a three-week high. Economic reports show U.S. GDP only grew 1.2 percent in the second quarter, far less than the 2.6 percent growth economists expected. This news, along with little clarity from the U.S. Federal Reserve in regards to interest rates, is setting a beneficial environment for metals. ETF Securities analyst Martin Arnold said, “Although equities are performing well, there is concern that that might be topping out, while the lack of clarity over the Fed's interest rates policy is providing a negative real yield environment that favors Gold.”
Although the S&P and other markets have recently reached record highs, some market analysts believe we may be on the cusp of a bear market, which is contrary to the recent trend. For the past 20 years, August has been a historically terrible month for markets with blue chip stocks, averaging a 1.3 percent loss, according to Bespoke Investment Group. This, along with economic data released this week, have some traders calling for a sell off. DoubleLine Capital CEO Jeff Gundlach said, “The artist Christopher Wool has a word painting, ‘Sell the house, sell the car, sell the kids.’ That’s exactly how I feel – sell everything. Nothing here looks good. The stock markets should be down massively, but investors seem to have been hypnotized that nothing can go wrong.”
At 4:38 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,356.10 Up $3.00
- Silver, $20.51 Up $0.15
- Platinum, $1,161.30 Up $13.70
- Palladium,$717.80 Up $7.00
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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
