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Mid-Day Gold & Silver Market Report – 7/15/2013

RICKARDS: TAPERING WILL CAUSE FED TO REVERSE COURSE

The Gold price has continued its climb toward $1,300 per ounce in morning trading. Analysts at Commerzbank believe that the Gold price is “setting its sights once again on the psychologically important $1,300 mark. [The eurozone] debt crisis is still very much an omnipresent factor and could flare up again at any time. Gold could thus find itself in higher demand again as an alternative currency.”

Jim Rickards, managing director of Tangent Capital, believes that if the U.S. Federal Reserve begins to taper its quantitative easing program later this year, the central bank will quickly reverse course (by early 2014). He also believes that tapering will happen in September or not at all. “If they taper, it will be at [a Federal Open Market Committee] meeting with a press conference because the move is so significant the Fed will want the press conference to explain very carefully what they have done … However, if the Fed does taper in September, they will find the economy sinks much faster than expected and … they will have to increase asset purchases by early 2014.”

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

  • Gold, $1,286.20, Up $5.60.
  • Silver, $19.92, Up $0.04.
  • Platinum, $1,422.20, Up $15.30.
  • Palladium, $733.30, Up $9.40.

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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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