Mid-Day Gold & Silver Market Report – 11/20/2013
GOLD SLIPS ON FED MINUTES ANTICIPATION
The Gold price has slipped once again as investors await the release of the minutes from October’s Federal Open Market Committee meeting. With expectations for tapering initially projected to commence back in September, new expectations for a preliminary reduction in stimulus measures have been pushed back as far as mid-2014. The delay was initially helpful in giving a mild boost to Gold, but recent taper rumors have caused another pull back.
Stocks are up slightly today as the European Central Bank announced that it is considering a small cut in the deposit rate in efforts to boost a lagging economy. “Both the Fed and the ECB have got investors’ backs right now,” Michael Mullaney, Boston-based chief investment officer for Fiduciary Trust Co., said. “You would think this would be part of the global risk-on trade.” Investors will continue to weigh economic data and Federal Reserve policy to gauge the future of both Precious Metals and equities markets.
At 1:17 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,261.50, Down $14.50.
- Silver, $20.15, Down $0.25.
- Platinum, $1,400.30, Down $20.60.
- Palladium, $716.80, Down $6.70.
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