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Mid-Day Gold & Silver Market Report – 10/28/2013

STOCKS RALLY; WHY INFLATION IS GOOD FOR ECONOMY, GOLD

The Gold price remained flat in morning trading, while stocks continued to trade in a narrow range. The Dow Jones Industrial Average and S&P 500 are coming off three straight weeks of gains in a record rally. With the two-day Federal Reserve policy meeting later this week, Michael Sheldon of RDM Financial Group said, “Investors are waiting for more in terms of earnings and economic reports. The tone of the market overall remains positive, but the rate of gains may slow down from the rate we've seen over the past several weeks.”

Historically, inflation has been bullish for the Gold price. As the value of the U.S. dollar falls, the price of Gold typically rises. The New York Times’ Binyamin Appelbaum recently focused on the changing viewpoint that inflation could be good for the economy. Appelbaum pointed out that even members of the Fed, including current Fed President Ben Bernanke’s successor, Janet Yellen, “have long argued that a little inflation is particularly valuable when the economy is weak.” Harvard economist Kenneth S. Rogoff recently wrote, “Weighed against the political, social and economic risks of continued slow growth after a once-in-a-century financial crisis, a sustained burst of moderate inflation is not something to worry about. It should be embraced.”

At 1 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,355.20, Up $0.70.
  • Silver, $22.59, Down $0.10.
  • Platinum, $1,473.50, Up $16.90.
  • Palladium, $751.00, Up $2.10.

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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