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Morning Gold & Silver Market Report – 11/4/2013

POTENTIAL ECB STIMULUS PUSHES GOLD HIGHER

Loose monetary policy remains the focus of Gold traders today as rumors surrounding possible monetary easing measures in the eurozone helped lift the yellow metal this morning.  The news that the European Central Bank (ECB) might begin its own stimulus program arrives on the heels of speculation that the Federal Reserve could initiate tapering measures as early as December.  "The (U.S.) central bank is keeping markets guessing. Now December is back on the agenda," Societe Generale analyst Robin Bhar said. "I think it's unlikely, but the Fed statement and thinking suggests they haven't completely ruled that one out. That's really impacting the market, as well as the turnaround in the euro/dollar.” As equities markets continue to notch record levels, short-term ETF traders remain bullish on Gold leaving physical buyers to await new direction on central bank monetary policy.

U.S. stock futures are on the rise this morning following a fourth straight week of gains and anticipation of corporate earnings and employment figures.  “Even when the economic data hasn’t been terribly good, that just pushes the tapering of quantitative easing further away, which means there will be more of this free money floating for longer,” Standard Life Investments Ltd. strategist Frances Hudson said. That’s “one of the big drivers for equity markets.”  As both positive and negative news presently seem capable of driving U.S. stocks higher, investors await the time when traditional fundamentals will drive equities as opposed to loose monetary policy. 

At 9:46 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,320.20, Up $5.00.
  • Silver, $21.86, Down $0.03.
  • Platinum, $1,454.70, Up $1.80.
  • Palladium, $746.90, Up $7.60.

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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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