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

METALS JUMP ON FED TAPERING DODGE; NATIONAL DEBT LIMIT IN QUESTION

The Federal Reserve announced today there decision to not taper its monthly asset-purchasing program. Within minutes of the statement, Precious Metals quickly turned around from their losses with Gold jumping nearly 3 percent. Due to the condition of the U.S. economy, the Fed proclaimed it was not the right time to make any changes to quantitative easing. “The downside risks to growth have diminished over the past year,” Bernanke said. “However the tightening of financial conditions in recent months, if sustained, could slow the pace of improvement in the economy and labor market.” The sentiment in the market place is more irritated than anything as it was highly anticipated today would be the day for an announcement on tapering. “This is incredibly wimpy,” David Kelly, chief global strategist at JPMorgan Funds, said.

The U.S. is headed towards critical times as the nation is nearing its maximum debt limit, requiring Congress to come to an agreement before the country defaults on its debts. U.S. Treasury Secretary Jack Lew stressed to Congress on Tuesday they should not wait until the absolute last minute to make a decision as it could lead to permanent damage to the economy. “We cannot afford for Congress to gamble with the full faith and credit of the United States of America,” Lew told the Economic Club of Washington, a business forum.

 

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

  • Gold, $1,367.00, Up $55.60.
  • Silver, $22.97, Up $1.17.
  • Platinum, $1,467.00, Up $43.60.
  • Palladium, $719.10, Up $13.20.

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Disclaimer:

APMEX’s ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/24/2014 8:55:04 PM EST

Metal Bid Ask Change
Gold $1,293.40 $1,295.40 $2.80
Silver $19.64 $19.74 ($0.01)
Platinum $1,405.10 $1,415.10 $5.50
Palladium $796.90 $801.90 ($1.40)
4/24/2014 8:55:04 PM EST

Click here for Historical Charts*All Charts are in USD


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