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Morning Gold & Silver Market Report – 9/18/2013

GOLD WILL BENEFIT FROM ANY TAPERING DECISION: SCHIFF

Gold and Silver prices are slightly lower, and U.S. stock futures are slightly higher ahead of the U.S. Federal Reserve’s monetary policy decision due at 2 p.m. (ET) today.  Most economists are expecting an announcement from the Fed that tapering of the quantitative easing (QE) program will begin soon.  Joshua Mahony of Alpari U.K. believes that any announcement of tapering less than $10 billion to $15 billion per month could lead to a rally in stocks.  Mahony said that “the occurrence of tapering is certainly no given since much of the reduction in the headline unemployment rate on its way to the current 7.3 percent is driven by a continued fall in the participation rate.”

Peter Schiff, CEO of Euro Pacific Capital, believes that the Gold price will benefit from any decision made by the Fed today.  He gave scenarios of no tapering at all, a small taper, or a large taper.  Schiff said, “If it’s no taper at all, I think Gold will rally. … If the Fed does taper, I think they're going to do the absolutely minimum amount that they feel they can realistically get away with.  [After all,] Gold's already discounting not only tapering, but also the end of the QE program, which isn't going to happen.”  And if it’s a large taper, Schiff believes the Fed will end up shortly reversing course and going back to $85 billion per month of asset purchases, where it started.

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,302.90, Down $8.50.
  • Silver, $21.53, Down $0.28.
  • Platinum, $1,422.60, Down $0.80.
  • Palladium, $701.30, Down $4.70.

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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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