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Mid-Day Gold & Silver Market Report – 7/18/2013

BERNANKE TESTIFIES; GOLD REBOUNDS

In his second day of testimony, U.S. Federal Reserve Chairman Ben Bernanke has emphasized that monetary policy will not be tougher for the foreseeable future, explaining, "We have not changed policy. We are not tightening policy." Although talks of winding down its bond purchases has hinted at a tighter future policy, he reiterated that none of what the Fed has communicated implies that will happen anytime soon. Bernanke said that with inflation still not at its target and unemployment higher than they want to see, the Fed intends to maintain the current quantitative easing (QE) policy. The result of the Fed’s accommodative policy has been a stock market rally and more borrowing and spending.

The Gold price has continued to gain on the heels of Bernanke’s comments. The QE programs have been bullish for the Precious Metal and the potential for tapering caused an early dip in prices. Credit Suisse analyst Karim Cherif said, “Tapering is here and we will be living in a different world at some stage ... but even if we start seeing less easing that doesn't necessarily mean that we'll see an higher interest rates environment. On the contrary, low interest rates will probably continue and that's also why there is a base to how much Gold could drop."

At 1:02 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,287.70, Up $7.20.
  • Silver, $19.53, Up $0.02.
  • Platinum, $1,414.50, Up $3.50.
  • Palladium, $748.30, Up $11.80.

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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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