Mid-Day Gold & Silver Market Report – 8/14/2013
ECONOMIC SIGNS MAY BE TOO UNSTEADY TO REDUCE QE
Gold is up slightly today despite the ever-present concern over the possibility of the U.S. Federal Reserve reducing their asset purchases in the very near future. Many analysts and investors view the reduction as bearish for Precious Metals since the inflationary fears so integral to boosting metals prices would be reduced along with monthly injections of “new money” into the economy. Though many experts have pointed to September as the time to expect an announcement about the initial tapering, others like Atlanta Fed President Dennis Lockhart believe recent economic data to be far too mixed for the Fed to decide on any clear-cut plan of action by next month.
U.S. stocks are down today as many investors remain sidelined awaiting clarity from the Federal Reserve regarding quantitative easing. "Investors are still trying to assess the Fed and what it will do next, leaving us to bounce around on a daily basis but essentially go nowhere," Dearborn Partners managing director Paul Nolte said. While domestic equities struggle to gain direction on Fed concerns and slow seasonal trading volume, European stocks realized gains for the fifth straight day as data revealed the eurozone emerging from recession.
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,334.70, Up $12.20.
- Silver, $21.83, Up $0.41.
- Platinum, $1,505.30, Up $4.60.
- Palladium, $741.80, Up $1.40.
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