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Closing Gold & Silver Market Report – 7/17/2013

QE TALKS WEIGH ON GOLD; PAULSON CONTINUES TO TOUT GOLD

The Gold price has settled lower today as U.S. Federal Reserve Chairman Ben Bernanke confirmed plans to begin scaling back asset purchases of $85 billion per month, though he left some wiggle room by stating that the tapering of quantitative easing (QE) could be altered following change in the economic climate.  Bernanke has stated that he plans to begin reducing the current volume of bond purchases by year-end and completely dissolve the program by mid-2014.  “The market is woken up to the fact that we are seeing the end of tapering and the potential end of QE, and that takes the brush off the rose,” Integrated Brokerage Services’ head Precious Metals trader Frank McGhee said.

Retail investors continue to await indicators of a new trajectory for the future of Gold.  The yellow metal is down roughly 25 percent year-to-date and the QE program that caused an onslaught of buying from investors who feared hyper-inflation appears to be near the end of its tenure.  Though inflation is currently below 2 percent, legendary hedge fund manager and Gold bug John Paulson is not wavering in his outlook for the metal.  Paulson claims that, “[over time], as we see the economy grow, credit expand and inflation or the indicators of inflation start to rise, I think the demand for Gold will start to increase again.”  As the short term for Gold remains bearish, investors interested in a long-term store of wealth and safeguard against dollar devaluation continue to acquire Precious Metals as portfolio insurance.  

At 5:02 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,277.70, Down $15.70.
  • Silver, $19.39, Down $0.64.
  • Platinum, $1,408.00, Down $17.10.
  • Palladium, $735.00, Down $1.60.

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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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