Morning Gold & Silver Market Report – 7/17/2013
BERNANKE’S REMARKS SHED LIGHT ON TAPERING
Precious Metals prices reversed losses this morning after the release of U.S. Federal Reserve Chairman Ben Bernanke’s prepared remarks for his Congressional testimony, which begins today. Bernanke’s last appearance sparked a rebound in the Gold price as he said there was no timetable for tapering the quantitative easing (QE) program. Today’s remarks read, “I emphasize that, because our asset purchases depend on economic and financial developments, they are by no means on a preset course.” He did say the Fed plans to begin tapering later this year, and end QE “around midyear” in 2014, but only if economic conditions allow.
Bernanke further elaborated on the Fed’s plans, saying, “On the other hand, if the outlook for employment were to become relatively less favorable, if inflation did not appear to be moving back toward 2 percent, or if financial conditions — which have tightened recently — were judged to be insufficiently accommodative to allow us to attain our mandated objectives, the current pace of purchases could be maintained for longer. [If needed, the Fed is also prepared] to employ all its tools, including an increase in the pace of purchases for a time.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,296.10, Up $2.40.
- Silver, $20.09, Up $0.07.
- Platinum, $1,425.20, Up $0.10.
- Palladium, $733.50, Down $3.10.
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