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Closing Gold & Silver Market Report – 9/16/2013

METALS FLAT AHEAD OF FED MEETING; PIMCO CEO PREDICTS FED NEXT MOVE

Precious Metals have remained flat for the day as the market patiently waits for the Federal Reserve’s two-day meeting to begin on Tuesday. Bullion prices have dropped by 19 percent this year ever since the Fed stated their plans to cut back quantitative easing in 2013 and possibly end it in 2014. “The prospect that the Fed's tone will remain dovish is good for equities but not for Gold at the moment, as you would need a combination of yields dropping and inflation expectations moving up to really see Gold stronger," Credit Suisse analyst Karim Cherif said.

Pimco CEO and co-CIO Mohamed El-Erian shared his thoughts with CNBC Monday on this week’s Federal Reserve meeting and the likeliness that tapering of its $85 billion monthly asset purchases will be announced. El-Erian expects the Fed to scale back its bond buying program by about $10 billion to $15 billion. “The reason why we're going to see the taper is not because of the declared ‘big victory on the economy’”, El-Erian said, "[but] because they're worried about what Mr. Bernanke called the cost and risks—the collateral damage if you like—of using such a blunt instrument to impact markets.” El-Erian foresees interest rates to remain the same as the U.S. economy has not exactly reached a full recovery.

 

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,315.60, Up $5.00.
  • Silver, $21.85, Up $0.11.
  • Platinum, $1,437.80, Down $7.70.
  • Palladium, $703.50, Up $5.50.
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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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