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.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 7 p.m. (CDT)! Or call us Fridays until 5 p.m. (CDT)! If you have any questions about investing in precious metals or simply would prefer to place your order by telephone, we are here to help.