MARKET REMAINS QUIET AHEAD OF FED MEETING
The market has remained stable this morning as it prepares for the Federal Reserve’s two-day policy meeting. Expectations are that Chairman Ben Bernanke will announce the desire to pullback easing measures for the U.S. economy. “The market is very quiet ahead of the Fed meeting,” Adam Klopfenstein, a senior market strategist at Archer Financial Services Inc. in Chicago, said in a telephone interview. “People want to know when Bernanke wants to end the easing.”
The Huffington Post co-founder and editor-in-chief, Arianna Huffington shared her concerns over the Cyprus bailout and how it is affecting that country’s citizens. Huffington believes the government’s decision to go after insured deposits was not inappropriate and more than likely was in benefit of Germany. Huffington continued to discuss how Cyprus came to the point of needing aid, saying, “Iceland, Ireland, Cyprus—these three islands—they all got into trouble because they became hubs for international money. And they didn't really have the capitalization opportunity to be able to deal with it.”
At 1:21 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,615.50, Up $8.40.
- Silver, $28.97, Up $0.03.
- Platinum, $1,554.90, Down $26.30.
- Palladium, $731.00, Down $32.90.