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Mid-Day Gold & Silver Market Report – 6/14/2013

GOLD STAYS BELOW $1,400 AS INVESTORS AWAIT FOMC MEETING

Gold is up slightly headed into the weekend as prices continue to remain relatively range-bound. The current price pattern Gold is experiencing is largely due to a lack of clear-cut expectations regarding the Fed’s future plans for monetary easing. “The Fed meeting next week has kept a lot of people on the sidelines,” Afshin Nabavi, head of trading at MKS, said. “We may have some moves next week after the FOMC (meeting).” The validity of perpetuating quantitative easing (QE) measures that have been so essential to driving the price of Gold up since 2010 is now coming into question. There are factions among Federal Reserve officials who want to begin tapering the stimulus program and those who believe any discussion concerning a reduction in the level of stimulus is premature.

Volatility continues in equities markets after the International Monetary Fund cut its outlook for U.S. growth in 2014 and eluded to QE in hopes that any possible exit from the program will be done with great care. Like Gold and Silver, stocks have benefited tremendously from the Fed’s monetary policy. Both Gold bugs and equities investors are anxiously awaiting next week’s Federal Open Market Committee meeting to gauge whether Fed Chairman Ben Bernanke’s statements point to abridged monetary easing.

At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,389.10, Up $9.30.
  • Silver, $22.14, Up $0.44.
  • Platinum, $1,451.60, Up $3.00.
  • Palladium, $731.50, Down $0.50.

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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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