Mid-Day Gold & Silver Market Report – 9/23/2013
FED’S BULLARD SAYS QE COULD STILL BEGIN SOON
Precious Metals prices are down slightly this morning after comments from St. Louis Federal Reserve President James Bullard left investors wondering if quantitative easing tapering could begin soon. However, MKS SA’s Afshin Nabavi said, “Unless there is some mega change in the U.S. labor market, I don't think we will have any QE slowdown this year and that should grant some support to Gold.”
Bullard’s comments were also partly to blame for a drop in stocks today; however, Robert Pavlik of Banyan Partners believes it has more to do with the U.S. government. Pavlik said that the drop in stocks has “more to do with the discussions going on in Washington related to the budget talks and the debt ceiling; the rhetoric has spooked the market.” Pavlik also had harsh words for the U.S. Federal Reserve. He said, “They got the market ready for this tapering. Their communication process of late has been abysmal.”
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,330.40, Down $4.10.
- Silver, $21.92, Down $0.04.
- Platinum, $1,426.40, Down $7.20.
- Palladium, $717.10, Down $3.80.
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