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Closing Gold & Silver Market Report – 11/19/2013

MARKETS CHANGED LITTLE AS INVESTORS AWAIT FED MINUTES

Gold is experiencing mild gains today as the dollar was pushed down on expectations that the Federal Reserve will continue its ultra-loose monetary policy. “The dollar is helping gold,” OANDA Corp. currency analyst Dean Popplewell said. “The timing of the tapering will continue to be the guiding force.” With overall economic growth and employment figures, in particular, still below desired levels, incoming Fed chairman Janet Yellen has given indication that quantitative easing will continue at its current pace until sustained economic improvement is realized. 

U.S. stocks are down slightly today as many investors remained sidelined as they await word from the Federal Reserve in regards to the future of a monetary stimulus. “The economy is not doing badly, and the Fed is remaining very aggressive and very friendly toward the market,” Bruce Bittles, chief investment strategist at RW Baird & Co., said. “We’ve had a big run. My suspicion is that the market might go sideways now for a little while before we encounter a year-end rally in December.” The Fed minutes from October’s Federal Open Market Committee meeting will be released tomorrow and investors will scrutinize the contents for any additional signs of a potential stimulus taper.

At 4 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,277.30, Up $2.50.
  • Silver, $20.42, Even.
  • Platinum, $1,420.40, Up $8.40.
  • Palladium, $722.00, Up $3.70.

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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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