Mid-Day Gold & Silver Market Report – 6/19/2013
METALS, STOCKS AWAIT FED ANNOUNCEMENT
Gold and Silver prices have held firm in morning trading ahead of the U.S. Federal Reserve’s policy statement due this afternoon. Saxo Bank Vice President Ole Hansen said, “Bottom line, we expect no tapering [of quantitative easing] on the basis that current economic data don't support such a move. But the Fed is now responsible for market regulation and stability, and the sell-off in bonds over the past months may have rattled them a bit.” VTB Capital also noted that hints at a gradual time frame for QE tapering would give strong insight to currency and Precious Metals markets.
Stocks fell in morning trading, and Randy Frederick of Charles Schwab said, “My expectation is we will sit in a sideways holding pattern until the Fed announcement. They’ll probably be the typical knee-jerk reaction when it happens, and if there’s something unexpected, it could go sharply in one direction and then immediately reverse in the other direction.” The Fed announcement is due at 2 p.m. (EDT).
At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,374.90, Up $6.00.
- Silver, $21.76, Down $0.04.
- Platinum, $1,426.50, Down $15.60.
- Palladium, $696.70, Down $11.70.
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