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Mid-Day Gold & Silver Market Report – 7/10/2013

BERNANKE PRESS CONFERENCE TO FOLLOW FED MINUTES

Gold and Silver prices have remained mostly flat in morning trading. All eyes continue to focus on today’s release of the minutes from last month’s Federal Open Market Committee meeting and U.S. Federal Reserve Chairman Ben Bernanke’s press conference scheduled to follow the 2 p.m. (ET) release. Bernanke’s speech is set to focus on the Fed’s first 100 years, though he will surely face questions about the elephant in the room: the timing of the potential tapering of the quantitative easing (QE) program.

All of the discussion regarding the end of QE in the U.S. has CNBC Senior Writer Jeff Cox wondering about the supposed currency devaluation war. “If there is [one], the U.S. is losing,” he wrote. He explains that several factors are pushing the U.S. dollar’s value higher, such as a weakening euro, the QE program coming to an end and “a recognition that in a world where slow economic growth has become the order of the day, the weakness in the U.S. appears less threatening than it does elsewhere.”

At 1:10 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,255.20, Up $6.80.
  • Silver, $19.31, Up $0.08.
  • Platinum, $1,367.20, Down $1.40.
  • Palladium, $712.70.

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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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