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Morning Gold & Silver Market Report – 10/29/2013

PROFIT-TAKING DROPS GOLD FROM FIVE-WEEK HIGH

The Gold price is retreating from a five-week high in early morning trading as the Federal Reserve’s two-day policy meeting begins today. Expectations are that when the meeting concludes Wednesday, the Fed will announce a continuation of its highly-accommodative quantitative easing program. VTB Capital analyst Andrey Kryuchenkov said of the Gold price, “We had decent gains yesterday and a bit of profit-taking was to be expected. The main focus remains on the Fed and the market seems to have factored in the central bank will not change its current accommodative stance. … The market will continue to be sensitive to any U.S. data and bullion's trade will continue to be strongly correlated to the dollar index.”

MarketWatch’s Brett Arends gave five reasons that the stock market bulls are getting it wrong. Arends likened today’s situation to that of the dotcom bubble of 1999 and the housing bubble of 2006. Among reasons given were recent stock valuations in bubble territory, the fact that even noted market bears are turning bullish, and current debt levels.

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,348.60, Down $5.60.
  • Silver, $22.57, Down $0.02.
  • Platinum, $1,467.70, Down $6.20.
  • Palladium, $743.50, Down $8.00.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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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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