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Morning Gold & Silver Market Report – 7/10/2013

FED MINUTES TO SHED MORE LIGHT ON QE TIMING

Precious Metals prices are on the rise this morning as investors await minutes from June’s Federal Open Market Committee meeting, scheduled for release at 2 p.m. (ET). Some analysts believe that the market has already “built-in” expectations that the Fed will begin tapering its quantitative easing (QE) program in September, so clues that tapering will begin in December or later could be bullish for the metal in the short term. Standard Bank analyst Marc Ground said, “I think there should not be anything that will surprise the market from the minutes, we should pretty much already know what is in them.”

U.S. stock futures are lower in anticipation of the Fed minutes, and Peter Cardillo of Rockwell Global Capital said, “If the minutes basically suggest the economy is mulling along continuing to slow at modest pace and that might put off the time limit in terms of trimming [the QE program], which is what the markets would like to see ... we’ll be at new highs for the S&P over the next day or two. That suggests the Fed may not be in such a hurry that markets have been anticipating. The bond market obviously has discounted that ... it’s a bit of a positive for equities, not a negative.”

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

  • Gold, $1,256.10, Up $7.70.
  • Silver, $19.35, Up $0.13.
  • Platinum, $1,374.10, Up $5.50.
  • Palladium, $710.00, Up $12.70.

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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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