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

FED MINUTES SUGGEST FISCAL POLICY WILL CONTINUE

The minutes from the Federal Reserve’s June meeting affirmed many investors’ presumptions that officials prefer to see an improvement in the job market before tapering fiscal policy. “The Gold market is pleasantly surprised, and is rallying on the minutes,” Tom Power, a senior commodity broker at R.J. O’Brien & Associates in Chicago, said. “The unemployment number is the key number that the Fed is watching, and with that still above 7.5 percent, investors think that easing is here to stay for some time.” Gold increased by 0.3 percent after the minutes were released, extending its gains to a third consecutive day.

Once the minutes of the Fed’s June meeting were released, there was a noticeable drop in U.S. stocks, government bonds and the dollar. The market is reacting to the mixed responses from state representatives that strongly believe the Federal Reserve is moving too quickly with cutting back on its bond buying program. “The market is moving away from its concerns about tapering and toward about the timing when [the Fed] will normalize interest rates and who will replace Bernanke,” Robbert Van Batenburg, director of market strategy at Newedge USA LLC in New York, said.

 

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,264.10, Up $15.70.
  • Silver, $19.53, Up $0.30.
  • Platinum, $1,375.50, Up $6.90.
  • Palladium, $715.50, Up $18.20.

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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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