Closing Gold & Silver Market Report – 11/21/2013
GOLD STILL DOWN AFTER FED MINUTES, ECONOMIC DATA BOOST STOCKS
The Gold price has fallen more than 2 percent over the last two sessions. The yellow metal fell sharply Wednesday as a review of October’s Federal Open Market Committee minutes made it appear that the Federal Reserve could begin tapering its quantitative easing program sooner than expected. Regarding the Fed minutes, one expert noted, “Several members of the committee said at their October meeting they could see the Fed tapering its $85 billion-a-month bond-buying program at ‘one of its next few meetings.’”
Improved employment numbers were integral in halting a three-day losing streak for U.S. stocks as both the Dow Jones Industrial Average and S&P 500 realized gains on the uplifting economic data. “After three consecutive negative days, it’s reasonable to expect a breather at least in the beginning of the day,” Federated Investors Inc. fund manager Lawrence Creatura said. “There is some good news in the labor report too in that it does indicate a degree of improvement.” With jobs numbers improving and consumer sentiment appearing to be on the rise, investors and analysts will see if the bull market can continue.
At 5:09 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,244.00, Down $31.10.
- Silver, $20.01, Down $0.11.
- Platinum, $1,393.30, Down $7.30.
- Palladium, $714.70, Down $0.70.
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.