Closing Gold & Silver Market Report – 11/4/2013
MARKET AWAITS NONFARM PAYROLL; GOLD ACTIVIST PREDICTS $2,000 PER OUNCE
Precious Metals prices traded flat through Monday as the market waits on the sideline for Friday’s release of October’s U.S. nonfarm payrolls report. The report will prepare the market for the possible next steps the Federal Reserve will take with its monthly bond buying program as well as provide direction on how the economy is performing. “Gold is still very dependent on economic weakness and extended quantitative easing to prosper at the moment,'' Saxo Bank head of commodity strategy Ole Hansen said. Today, St. Louis Federal Reserve President James Bullard suggested that the U.S. Federal Reserve should rethink tapering fiscal policy due to low inflation.
Gold bug and Euro Pacific Capital chief executive officer Peter Schiff remains overly optimistic for the yellow metal, predicting that Gold will soar to $2,000 an ounce within a year. He added that he would “be amazed” if the dollar didn’t collapse before President Barack Obama’s departure from the White House in 2017. “I’m waiting for the dollar crash, I’m waiting for the real crisis to hit that I know will benefit Gold,” Schiff said. “The longer it takes, the longer I have to wait for that payday. But the longer it takes, the bigger that payday is going to be.”
At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,316.20, Up $1.00.
- Silver, $21.70, Down $0.19.
- Platinum, $1,454.90, Up $2.00.
- Palladium, $749.50, Up $10.20.
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