Closing Gold & Silver Market Report – 11/18/2013
GOLD LOWERS AS PROFIT TAKING CONTINUES
Gold moved lower during Monday trading as investors took advantage of profit taking and equities received a boost causing a dip in demand for Precious Metals. "Until such time as financial investors—be they short—or longer-term-oriented - return to the market, gold and silver will find it hard to make any significant gains,'' said Eugen Weinberg, head of commodities research at Commerzbank. Further talk from the U.S. Federal Reserve regarding tapering quantitative easing at next months Fed meeting could make a difference as to how Precious Metals will perform towards the end of year. Gold’s main support has somewhat disappeared since the announcement that the Fed may possibly cutback or end the $85 billion bond-buying program once the economy stabilizes.
Last week’s statement from U.S. Federal Reserve chairman candidate, Janet Yellen, in which she shared that the current fiscal policy would remain until healthier economic conditions were seen provided support for Precious Metals, but were quickly weakened by profit taking. “People were feeling very bearish before Yellen’s statement,” National Securities Corporation chief market strategist Donald Selkin said. “Her comments were dovish and can be seen as a postponement to tapering, which is definitely helpful for gold. But, the main reasons why gold has fallen are intact. Inflation is low, and equity markets continue to march ahead.”
At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,277.70, Down $12.20.
- Silver, $20.45, Down $0.34.
- Platinum, $1,412.10, Down $27.80.
- Palladium, $718.20, Down $15.90.
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