Our Daily
Market Reports

Morning Gold & Silver Market Report – 7/16/2013

ALL EYES ON BERNANKE TESTIMONY

Precious Metals prices are slightly higher while U.S. stock futures are little changed in early-morning trading. Many investors are looking forward to U.S. Federal Reserve Chairman Ben Bernanke’s Congressional testimony tomorrow. In the meantime, inflation data for June was in line with expectations at 0.5 percent. Interactive Investor’s Mike McCudden said, “Any suggestions of overheating here will heap pressure on the Fed to cool the market, and that’s going to add renewed calls for [quantitative easing] tapering.”

The Gold price showed little reaction to the inflation report. Analysts believe most investors are waiting on the sidelines for the Fed to give more of a clear direction for monetary policy. A Hong Kong-based trader told CNBC, “The Fed will try to calm the markets and make them think it will not exit soon. They might wait for data points for the next few months to make a call.”

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

  • Gold, $1,292.90, Up $6.40.
  • Silver, $19.98, Up $0.05.
  • Platinum, $1,427.30, Up $5.90.
  • Palladium, $736.30, Up $3.10.

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.

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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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