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Mid-Day Gold & Silver Market Report – 7/17/2013

BERNANKE AFFIRMS FISCAL POLICY TAPERING

U.S. Federal Reserve Chairman Ben Bernanke began his semiannual monetary report before Congress today, where he confirmed that, if the U.S. job market continues to strengthen and inflation moves closer to the targeted range of 2 percent, the bond buying program would be moderated later this year. He added that that could change depending on incoming economic data. During the Q&A portion of the testimony, Bernanke shared his thoughts on why it was best to inform the market of the Fed’s plans. He believes that if the plans were not shared, it could have created an uncertain financial market with investors possibly taking extremely risky positions. “Markets are beginning to understand our message and the volatility has obviously moderated," Bernanke said.

Gold fell as the U.S. dollar strengthened ahead of the Q&A portion of the testimony. “Bernanke's testimony is bullish for Gold as he has tapered market expectations of an early tapering,” New Delhi-based independent bullion analyst Chintan Karnani said. The market had anticipated that the fiscal policy cutback may not occur as quickly as Bernanke stated during June’s policy meeting and today’s confirmation set Gold back.

At 2:52 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,278.40, Down $15.00.
  • Silver, $19.39, Down $0.63.
  • Platinum, $1,408.60, Down $16.50.
  • Palladium, $734.50, Down $2.10.

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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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