Morning Gold & Silver Market Report – 11/14/2013

FED CHAIR NOMINEE YELLEN DOVISH IN PREPARED STATEMENT

Precious Metals prices jumped last night after Federal Reserve chair nominee Janet Yellen’s prepared statement was released. Regarding the economy, Yellen said, “We have made good progress, but we have farther to go to regain the ground lost in the crisis and the recession. Unemployment is down from a peak of 10 percent, but at 7.3 percent in October, it is still too high, reflecting a labor market and economy performing far short of their potential. … A strong recovery will ultimately enable the Fed to reduce its monetary accommodation and reliance on unconventional policy tools such as asset purchases. I believe that supporting the recovery today is the surest path to returning to a more normal approach to monetary policy.”

Jobless claims, by end of week Nov. 9, fell by a less-than-expected amount according to the U.S. Labor Department’s weekly report. Precious Metals prices remained higher, and U.S. stock futures added to gains after the report’s release. Economic data will continue to be scrutinized as investors look everywhere for clues as to when QE tapering will begin.

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

  • Gold, $1,284.30, Up $13.90.
  • Silver, $20.73, Up $0.24.
  • Platinum, $1,451.30, Up $18.30.
  • Palladium, $739.80, Up $3.40.

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Disclaimer:

APMEX’s ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/23/2014 2:52:56 AM EST

Metal Bid Ask Change
Gold $1,283.50 $1,285.50 $2.40
Silver $19.40 $19.50 $0.09
Platinum $1,394.90 $1,404.90 $4.60
Palladium $781.00 $786.00 $1.40
4/23/2014 2:52:56 AM EST

Click here for Historical Charts*All Charts are in USD


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