Morning Gold & Silver Market Report – 11/18/2013

GOLD DOWN ON PROFIT-TAKING; STOCKS EXPECTED TO CONTINUE RALLY

The Gold price is down this morning as traders cashed in on three sessions of gains.  However, expectations that incoming Federal Reserve Chair Janet Yellen will perpetuate liberal monetary policy halted any major pressure on the yellow metal.  “Gold is really stuck in limbo at the moment,” Saxo Bank's head of commodity research Ole Hansen said. “The Yellen yell last week failed to lift Gold through resistance and with stocks continuing to be the favorite place to be, alternatives such as Gold are receiving little attention.”

As metals prices take a breather, U.S. stocks appear ready to realize another session of gains as Yellen’s comments continue to drive equities.  Concerning the Fed’s quantitative easing program and its impact on markets, Craig Erlam, market analyst at Alpari U.K., said, “There’s no doubt that it has been a huge contributor to the rally this year and Janet Yellen’s testimony last week suggested it’s going to carry on, in its current form. … As long as the Fed continues to pump $85 billion per month into the financial system, traders will be bullish on stocks.”

At 9:16 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,285.30, Down $4.10.
  • Silver, $20.72, Down $0.07.
  • Platinum, $1,432.00, Down $7.90.
  • Palladium, $728.80, Down $5.40.

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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 2:57:06 AM EST

Metal Bid Ask Change
Gold $1,285.20 $1,287.20 $4.10
Silver $19.43 $19.53 $0.12
Platinum $1,395.10 $1,405.10 $4.80
Palladium $781.10 $786.10 $1.50
4/23/2014 2:57:06 AM EST

Click here for Historical Charts*All Charts are in USD


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