Closing Gold & Silver Market – 9/23/2013
PRICES FLAT AMONGST MIXED MARKET SIGNALS
Precious Metal prices continued to give up gains from previous sessions through afternoon trading. Speculation on when the Federal Reserve will begin to taper its quantitate easing program have affected recent prices. Robert Pavlik, chief market strategist at Banyan Partners said, “Tapering might begin as soon as October or they might hold off until a new [Fed] chairman is elected. The comments and the message the Fed sent last week is the economy is still on some soft footing and doesn’t have the strength to begin this process — that’s not a good message to send.”
The Federal Reserve’s new chairman is continuing to be discussed and debated. Dallas Federal Reserve President Richard Fisher said the process has been “terribly mishandled” and the selection “should not be a public debate.” The next chairman’s policies will have an effect on markets depending on how opposed or favorable they are to the Fed’s current monetary easing policies.
At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,324.30, Down $10.20.
- Silver, $21.66, Down $0.30.
- Platinum, $1,423.40, Down $10.20.
- Palladium, $715.00, Down $6.00.
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