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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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Disclaimer:
APMEX’s ‘Market Reports’ 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.

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