Morning Gold & Silver Market Report – 11/19/2013
GOLD, SILVER FLAT AHEAD OF FED MINUTES
Gold and Silver prices are mostly flat in early-morning trading. Minutes from the Federal Reserve’s October meeting are scheduled to be released Wednesday, and investors and analysts will be combing the details for any clues as to the timing of quantitative easing tapering. Peter Fertig, owner of Quantitative Commodity Research, said, “The latest comments from Fed officials raised again concerns that the (Federal Open Market Committee) might not taper in December but this uncertainty is likely to remain in the market until the decision is finally made. … I don't expect the minutes to bring any new information which would alter the picture but you never know how the market reacts.”
U.S. stock futures are pointing toward a flat open for Wall Street. Famed investor Carl Icahn, owner of Icahn Enterprises LP, said he was “very cautious” on equities. He also mentioned that a “big drop” could be in store, and these words are making many investors nervous. Stan Shamu, market strategist at IG Group, said, “While Icahn’s comments were mainly blamed for [yesterday’s] selloff, at such elevated levels, investors are always looking for excuses to take some profits off the table.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,276.20, Up $1.40.
- Silver, $20.41, Down $0.01.
- Platinum, $1,411.50, Down $0.50.
- Palladium, $718.80, Up $0.50.
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