Closing Gold & Silver Market Report – 11/14/2013
MARKETS REACT ON FED CHAIR NOMINEE COMMENTS
Precious Metals finished the day still climbing after Federal Reserve Chairman nominee Janet Yellen’s Senate testimony Thursday. When asked about Yellen’s comments, EverBank Wealth Management senior market strategist Chris Gaffney said she “sounded awfully dovish and did not give any indication that she’s ready to pull back on the amount of bond buying that the [U.S. Federal Reserve is] doing. “ This could provide a boost to Gold’s safe haven appeal as the continuation of the Fed’s bond buying program could potentially have a negative effect on the U.S. dollar.
There was a rise in global equity markets today on reaction to Janet Yellen’s comments to the Senate committee. CRT Capital senior government bond strategist Ian Lyngen said that “as her comments have rolled in the market has found a little bit of stability and stocks rallied” after an initial bearish reaction.
At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,288.80, Up $18.40.
- Silver, $20.81, Up $0.31.
- Platinum, $1,447.80, Up $14.80.
- Palladium, $740.30, Up $3.30.
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