Mid-Day Gold & Silver Market Report – 11/18/2013
GOLD DOWN; FED OFFICIAL ‘HOPEFUL’ FOR ECONOMY
Gold and Silver prices continued to fall in morning trading after positive comments about the economy from New York Federal Reserve President William Dudley. Dudley claimed that he was “getting more hopeful” about the troubled U.S. economy, and investors are taking that as a sign that quantitative easing (QE) tapering is nearer on the horizon than previous expectations. Speaking on the global economic recovery, Dudley said, “I believe a good case can be made that the pace of growth will pick up some in 2014 and then somewhat more in 2015.”
Chintan Karnani, chief market analyst at Insignia Consultants, believes that the market is focusing on “when and how the Federal Reserve talks about tapering” the quantitative easing. Karnani added, “Investors are just reacting to incoming U.S. economic data releases from a tapering perspective and nothing else.” MKS analyst Moudi Raad believes Gold’s lack of a yield is hurting its price at the moment. He said, “Gold is likely to find it hard to gain any upside momentum, especially with equity markets continuing to reach record highs, which not only look set for further gains, but they provide the much-sought- after yield which investors around the globe are yearning for.”
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,274.70, Down $15.20.
- Silver, $20.42, Down $0.37.
- Platinum, $1,414.30, Down $25.60.
- Palladium, $718.90, Down $15.30.
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