Mid-Day Gold & Silver Market Report – 8/19/2013
METALS FALL IN ANTICIPATION OF FED MINUTES
Precious Metals prices fell during morning trading after a surge last week. Economic data and a softer U.S. dollar helped prices last week, and metals are likely seeing some profit-taking today. Analysts at brokerage firm IIFL said, “We reiterate that the Precious Metals will head higher during the course of [the next] few weeks, aided by a weak greenback and tensions in the Middle East. However, Gold and Silver prices may scale back gains as we approach the most awaited U.S. Federal Reserve meeting in September, whereby the longevity of the bond-buying program will be ascertained.”
In years past, the conference at Jackson Hole, Wyo. has been the site of important announcements regarding quantitative easing from the Federal Reserve. Ian Lyngen of CRT Capital Group LLC believes this will not be the case this year. He said that the upcoming minutes from the Fed’s recent meeting will be “one of the few opportunities to get any type of insight into where the policy is leaning ahead of the potential taper announcement. … The Jackson Hole conference later this week, while typically a big market focus, is unlikely to give us anything insightful as far as the thinking of the leaders of the Fed.”
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,365.10, Down $7.90.
- Silver, $23.16, Down $0.25.
- Platinum, $1,510.40, Down $18.20.
- Palladium, $754.40, Down $10.20.
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