Morning Gold & Silver Market Report – 9/19/2013
NON-MOVE BY FED A ‘GAME-CHANGER’; JOBLESS CLAIMS RISE
Precious Metals prices continue to benefit from the U.S. Federal Reserve’s announcement yesterday that quantitative easing will not be tapered at this time. Standard Chartered analyst Dan Smith said, “If people have a view that this is a game changer for the Fed, then that may change their perception of what's good value for Gold. (We) are seeing that the Fed will only start tapering in March 2014 because of the change in emphasis from the labor market to inflation.”
Weekly jobless claims numbers jumped as expected after more data was made available from two states who continue to work through a backlog of claims. Even with the jump, the current level of claims is the lowest in nearly six years. U.S. stock futures held onto gains after the report. Stocks have benefitted from the Fed’s announcement yesterday as well, and Garry Evans of HSBC explained, “[If the] Fed tightens because growth is accelerating, that is a positive environment for equities; but if growth slows, the Fed will remain accommodative, which is positive for equities.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,369.30, Up $59.70.
- Silver, $23.30, Up $1.72.
- Platinum, $1,471.90, Up $45.70.
- Palladium, $726.40, Up $24.30.
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