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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