Closing Gold & Silver Market Report – 11/13/2013
NO SUPPORT FOR GOLD AS FED TAPERING STILL IN QUESTION
U.S. Federal Reserve policymakers are scheduled to speak today at 7 p.m. (ET) regarding fiscal policy. Fed officials have mixed expectations for news on tapering their $85 billion monthly bond-buying program, but the market will have to wait for Fed Chairman Ben Bernanke’s official announcement. "Gold's negative price reaction to the possibility of a December Fed tapering indicates to us that the bullion market is likely to remain sensitive to expectations for changes in monetary policy,'' HSBC chief metals analyst James Steel said.
The market is waiting for Fed Vice Chairman Janet Yellen to speak to the Senate Banking Committee Thursday. There are several opinions on how Yellen would serve as Fed chairman if elected, but it is probable she will remain under the radar tomorrow by not sharing too much of her personal views for fiscal policy. “Everyone is expecting her to lay out this super-detailed manifesto of her beliefs on how the Fed should run policy and what she intends to do but the reality is she’s just trying to get confirmed,” Pierpont Securities LLC chief economist Stephen Stanley said. “She’ll just want to get in and out without saying anything that gets her in trouble. She has every reason to be as Plain Jane uncontroversial as she can.”
At 5:05 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,283.00, Up $9.80.
- Silver, $20.65, Down $0.18.
- Platinum, $1,435.10, Down $5.50.
- Palladium, $733.50, Down $9.90.
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