MONETARY POLICY TALK DRIVES PRICES
Precious Metals prices are rising this morning with the Silver price taking the lead at a jump of almost two percent. The possibility of further monetary easing is driving prices after Federal Reserve Chairman Ben Bernanke’s comments last week. Mitsui Precious Metals analyst David Jollie said, “The Fed and its monetary policy actions are still the biggest issue day-to-day in the Gold market, but you can see more discussion also about the possibility of looser monetary policy in Japan, or within Europe, or elsewhere. There's more of a realization that economic growth is not yet at a level that any country is happy with, and that therefore we could see further easing.”
U.S. stocks are also looking to gain this morning after overseas markets moved higher in overnight trading. Peter Cardillo of Rockwell Global Capital explained that the factors improving the picture for stocks are better growth forecasts and a stock rebound in China and news that Cyprus will be bailed out by the eurozone. This has led to a weaker dollar, which is also improving the picture for the Gold and Silver prices.
At 9:16 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,584.60, Up $10.20.
- Silver, $29.04, Up $0.51.
- Platinum, $1,588.50, Up $20.30.
- Palladium, $727.50, Up $14.10.