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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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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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