Morning Gold & Silver Market Report – 11/20/2013
FED KEEPS FISCAL POLICY INTACT; U.S. CONSUMER PRICES FALL
U.S. Federal Reserve Chairman Ben Bernanke spoke at the National Economists Club’s annual dinner Tuesday to discuss the future of the Fed’s $85 billion monthly bond buying program. “The target for the federal funds rate is likely to remain near zero for a considerable time after the asset purchases end, perhaps well after” the jobless rate falls below the Fed’s target of 6.5 percent, Bernanke said. The unemployment rate is a substantial factor in determining when tapering will begin as it reflects the overall stability of the U.S. economy.
U.S. consumer prices were released this morning and reflected a 0.1 percent drop in October due to a decline in energy prices. The Labor Department said this was the first consumer price decline since April. The U.S. economy is struggling to get out of its slow growth pattern, but with lower consumer demand, that is proving difficult. The Federal Reserve has continued their asset purchasing as low inflation has been the key factor to the highly discussed stimulus program.
At 10:08 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,260.20, Down $15.80.
- Silver, $20.23, Down $0.17.
- Platinum, $1,402.30, Down $18.60.
- Palladium, $716.30, Down $7.10.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.