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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