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Morning Gold & Silver Market Report – 11/12/2013

TAPERING EXPECTATIONS RISE AS FED OFFICIALS SPEAK

Expectations that the U.S. Federal Reserve will begin to taper its quantitative easing program soon have pressured the Gold price to a 3-1/2 week low. Tapering is seen as bullish for the U.S. dollar. “Gold's inverse relation versus the dollar seems to be at its strongest when there is no other macro or fundamental driver for the market,” Macquarie analyst Matthew Turner said. Many analysts see this trend continuing until there is a clear signal from the Fed as to when tapering will begin.

U.S. stock futures are flat alongside Gold in morning trading. Tapering talk isn’t just affecting Gold’s price, as it is also the focal point for stock investors as well. Dallas Fed President Richard Fisher said, “I understand there’s sensitivity, but markets should also bear in mind that this program cannot go on forever. Our balance sheet has become bloated, and at some point we will have to taper back on the pace of purchases, but that doesn’t mean we’ll stop. We’ll have less accommodation.” Many investors are looking forward to Thursday, when President Barack Obama’s nomination for the next U.S. Fed President Janet Yellen will speak.

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

  • Gold, $1,283.30, Up $0.20.
  • Silver, $21.25, Down $0.09.
  • Platinum, $1,437.70, Up $4.30.
  • Palladium, $747.50, Down $8.00.

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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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