Mid-Day Gold & Silver Market Report – 10/9/2013
ALL EYES ON FED MINUTE RELEASE
Precious Metals prices have added to gains in morning trading, ahead of the release of the Federal Open Market Committee’s (FOMC) September policy meeting minutes, scheduled for 2 p.m. (ET). Investors hope it will provide clues as to the reasons for not going on with tapering quantitative easing (QE). BNP Paribas economists believe that not tapering was more a matter of “[convincing] markets that they were not running scared from QE. The FOMC decided to keep it simple and effective, and keep their foot on the gas in light of lackluster economic developments.”
Wescott Financial Advisory Group’s Richard Gotterer explained what he believes is the reason behind Gold’s non-reaction to the U.S. government shutdown. Gotterer said, “Gold should have gotten solid support the past week or so given the political battle going on. However, demand from institutional investors just isn’t there right now. Most have viewed the budget and debt ceiling concerns as being temporary, with a deal imminent.”
At 2:49 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,314.40, Down $12.30.
- Silver, $22.04, Down $0.43.
- Platinum, $1,387.20, Down $15.50.
- Palladium, $706.40, Down $9.50.
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