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Closing Gold & Silver Market Report – 9/17/2013

EYES LOCKED ON FOMC OUTCOME TO GAUGE MARKET FUTURE

The Gold price has dipped for the fifth time in the last six sessions as real inflation numbers continue to be lower than expected. “With less-than-expected growth in CPI numbers, the appeal of Gold as an inflation hedge is diminished,” Phil Streible, senior commodity broker at R.J. O’Brien & Associates, said. “Tomorrow’s extent of reduction in the stimulus will be very crucial for Gold prices.” However, following a decline that saw Gold drop 21 percent at its lowest point along with expectations for a subtle pull back in the level of monthly monetary injections by the Fed, the potential downside for Gold appears to be much more limited than the initial plunge in mid-April of this year. Investors will wait to see the reaction Precious Metals prices will have to less accommodative fiscal policy.

U.S. stocks are up today with the S&P 500 resting above 1,700 for the first time since early August. Last month, higher costs of medical care and housing were countered by lower gasoline prices to keep inflationary indicators low. With consumer prices rising lower than expected for the month of August, more pressure to begin tapering the Federal Reserve’s monetary easing program will be placed on officials currently meeting at the Federal Open Market Committee (FOMC) meeting. The FOMC will conclude tomorrow with investors, analysts and economists ready to digest the outcome and its potential impact on metals and equities markets.

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

  • Gold, $1,312.50, Down $7.30.
  • Silver, $21.78, Down $0.25.
  • Platinum, $1,424.80, Down $17.40.
  • Palladium, $703.70, Up $1.40.

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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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