Closing Gold & Silver Market Report – 5/21/2013
GOLD WAITS ON FED’S NEXT MOVE
Gold was down two percent to start the day, but recovered a majority of its losses to end only 0.5 percent down. "The dollar is strong, the U.S. stock markets are holding up, and bond yields are climbing, so the (Gold) market is trading in defensive mode ahead of the Federal Reserve's testimony," Saxo Bank senior manager Ole Hansen said. With United States Federal Reserve Chairman Ben Bernanke speaking in front of Congress tomorrow, many investors are in a holding pattern.
Two senior members of the U.S. Federal Reserve spoke at different events today and both hinted that the easing program is not ready to end. "I can't envision a good case to be made for tapering unless the inflation situation turns around and we are more confident than we are today that inflation is going to move back toward target," St. Louis Fed chief James Bullard said. While there is no set timeframe for the end of easing in the U.S., the Fed has made it clear that it will continue until the job market has “improved substantially,” which it has failed to do thus far.
At 5:07 pm (EDT), the APMEX precious metals spot prices were:
- Gold, $1376.70, Down $10.40.
- Silver, $22.49, Down $0.21.
- Platinum, $1464.60, Down $21.50.
- Palladium, $727.00, Down $4.90.
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