Mid-Day Gold & Silver Market Report – 11/19/2013
PRECIOUS METALS FLAT AS INVESTORS LOOK FOR DIRECTION
Gold and Silver prices continued to trade mostly flat through mid-day trading. While investors await minutes from the Federal Reserve’s October meeting for direction, European Central Bank Vice President Vitor Constancio mentioned quantitative easing as a possibility to help pull the eurozone out of stagnation. James West, portfolio advisor to the Midas Letter Opportunity Fund, said, “ The statement was made as only a ‘possibility’ and so I don’t think that in and of itself is going to affect investor sentiment toward Precious Metals in the immediate sense, but I do think such a statement nonetheless provides Gold investors who are long a level of comfort that their investments will ultimately be successful.”
With the end of the year rapidly approaching, old news is beginning to become current again. In October, U.S. lawmakers avoided a debt default at the 11th hour and settled continued negotiations over raising the debt ceiling. However, over the next few months lawmakers will again be forced to have the debt ceiling conversation. The Organization for Economic Cooperation and Development (OECD) stated, “An outright default would have extremely severe effects. It would be likely to create large confusion and uncertainty in financial markets given the importance of U.S. government bond rates in pricing financial instruments worldwide and the widespread use of U.S. government bonds as collateral in many financial operations, and trigger a systemic flight to liquidity that could prove as catastrophic and costly as that in the day following the Lehman failure in 2008.”
At 2:46 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,276.70, Up $1.90.
- Silver, $20.44, Up $0.02.
- Platinum, $1,418.00, Up $6.00.
- Palladium, $721.60, Up $3.40.
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