Mid-Day Gold & Silver Market Report – 11/14/2013
YELLEN COMMENTS ON GOLD DURING TESTIMONY
The Gold price is up for a second straight session as incoming Federal Reserve Chairman Janet Yellen gives clear indication that the U.S. Federal Reserve will continue its current level of monetary stimulus measures until economic recovery and a vibrant U.S. jobs market are firmly in place. “The possibility of continued tapering and Yellen's comment about the importance not to pull the plug too early is initially [in] support of Gold,” Thomas Power, senior commodity broker at futures brokerage RJO Futures, said.
Yellen was asked about Gold during her Senate testimony, saying, “I don’t think anyone has a good model of what makes Gold prices go up or down, but certainly it is an asset that people want to hold when they are very fearful about potential financial market catastrophes, or economic troubles and tail risks.” Yves Lamoureux, president of Lamoreux & Co., said, “For us, little is changed fundamentally as real rates are rising. The bigger concern is if miners start unloading Gold futures to hedge their production going forward — something that had been unpopular with shareholders and put on shelves.”
At 2:18 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,285.90, Up $15.50.
- Silver, $20.76, Up $0.26.
- Platinum, $1,446.90, Up $13.90.
- Palladium, $740.40, Up $3.50.
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