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.
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