Mid-Day Gold & Silver Market Report – 10/21/2013
FED’S EVANS: TAPERING UNLIKELY IN OCTOBER, DECEMBER
Gold and Silver prices were little changed in morning trading as more light was shed on the U.S. Federal Reserve’s plans for tapering its quantitative easing program. Chicago Fed president Charles Evans said it isn’t likely to happen at the meeting later this month, and may not be much more likely at the December meeting. Evans added, “I think we need a couple of good labor reports and evidence of increasing GDP growth and it is probably going to take a few months to sort that one out.” Evans did say, however, that the still-looming budget deadlines in January and February 2014 could keep the Fed from being certain about fiscal policy.
The Gold price appears to be tracking flat currency and equity markets, and the new expectation that quantitative easing would continue longer than expected seems to be affecting these markets as well. Tom Fitzpatrick of Citigroup said, “The price action across markets is clearly starting to reflect the risk that the Fed is less likely to taper its asset purchases in the near term.” Profit-taking on nearly two-week highs in the Gold price are preventing the yellow metal from achieving a breakthrough.
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,318.10, Up $1.50.
- Silver, $22.30, Up $0.35.
- Platinum, $1,440.10, Up $1.30.
- Palladium, $751.20, Up $9.60.
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