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Mid-Day Gold & Silver Market Report – 5/20/2013

GOLD RECOVERS MORNING LOSSES; FED DISCUSSES QE FUTURE

Precious Metals are in positive territory for the first time in eight sessions today as both Gold and Silver have rebounded from early morning losses.  Silver futures have fallen to their lowest level in almost three years, while reports from the Commodity Futures Trading Commission, which revealed the largest number of short contracts held by large hedge funds and money managers since 2006, helped drive Gold down.  As outflows of exchange traded funds continue, investors are anxious to know the future of the U.S. Federal Reserve’s monetary stimulus program.  If the Fed announced a reduction in bond purchases, many analysts predict a further price decline.  However, Precious Metals buyers looking for a long term store of wealth are thrilled at the recent pullback.  Viewing the steep price drop as a buying opportunity, long term holders of physical Gold and Silver are little concerned with short term price corrections.  

As Precious Metals prices continue to falter, the stock market continues to reap the benefits of increased risk tolerance buoyed by the perpetuation of the Fed’s $85 billion of monthly asset purchases.  Richard Fisher, president and CEO of the Federal Reserve Bank of Dallas, came forward in favor of scaling back quantitative easing (QE).  Fisher said, "We are moving forward on this, but it's just very slow.  Monetary policy works with a lag and we have to take that into account as well."  Though we are seeing the significant impact QE is having on equities markets, policy makers still have not realized the positive improvement on employment numbers that they desire.

At 1:04 pm (EDT), the APMEX precious metals spot prices were:

  • Gold, $1388.00, Up $20.30
  • Silver, $22.82, Up $0.36.
  • Platinum, $1487.50, Up $18.00.
  • Palladium, $752.80, Up $10.50.

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Disclaimer:
APMEX’s ‘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, three times during the trading day. 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 "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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