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Market Reports

Morning Gold & Silver Market Report – 6/17/2013

FOMC TO MEET; MARKETS SHOW POSITIVE START

U.S. stock futures are making a move upward Monday morning as investors look forward to this week’s Federal Open Market Committee (FOMC) meeting. The hope is that the meeting will shed enough light on the U.S. Federal Reserve’s plan for tapering that investors can relax. This week’s upcoming data includes a manufacturer’s report and a home builder’s index. Jim Reid, strategist at Deutsche Bank, said, “We suspect that this week (Fed Chairman Ben) Bernanke will continue to say tapering will happen at some point, could happen this year but will be data-dependent, and that we are still a long way off from removing the very easy policy stance the Fed has in place.”

As the market and U.S. dollar index’s rise in anticipation of the FOMC meeting, the Gold price is heading the other way. The Gold price had closed last week on a higher note on strong bullion demand, a drop in the U.S. stock market and rising tension in the Middle East. Today, investors are once again considering the actions the Fed may take. Any easing of bond-buying programs, raising the prospect of future rate tightening, is seen as unfavorable for Gold. Rising rates also raise the opportunity cost for holding a Precious Metal that has no interest rate.

At 9:02 a.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,385.80, Down $3.80.
  • Silver, $21.91, Down $0.17.
  • Platinum, $1,444.70, Down $4.20.
  • Palladium, $721.20, Down $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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