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Morning gold & Silver Market Report – 11/13/2013

FINANCIAL UNCERTAINTY CAUSES SHAKY TRADING

The Gold price rose slightly in overnight trading after U.S. Federal Reserve officials eased off quantitative easing tapering talks. Many investors are still awaiting Fed president nominee Janet Yellen’s testimony before the Senate on Thursday. Societe Generale analyst Robin Bhar said, “Investors are trying to assess the message of the Fed speakers to see if that is bullion-friendly. Gold has fallen so much that this is only a corrective bounce. We have to see what Yellen says tomorrow and how the U.S. data comes in over the next few weeks as to what that means for the Fed.”

U.S. stock futures fell in overnight trading on largely the same news. Lack of clear direction appears to be affecting markets, as Hedgeye Risk Management chief executive officer Keith McCullough wrote, “I think there’s massive confusion right now about Fed policy, and that’s whipping people around day to day.” Global markets also fell after Chinese leaders failed to give clear direction in their country. Alex Conroy, financial sales trader at Spreadex, said, “The failure of Chinese leaders to address steps to curb the state dominance of the economy and vagueness over financial reform has investors spooked.”

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

  • Gold, $1,280.20, Up $7.00.
  • Silver, $20.84, Up $0.01.
  • Platinum, $1,440.60, Even.
  • Palladium, $741.50, Down $1.80.

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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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