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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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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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