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.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.