Morning Gold & Silver Market Report – 11/22/2013
GOLD STEADIES AFTER SHARP TWO-DAY DROP
Gold is up slightly following a two-day skid that brought the price down to its lowest level in four months. With ongoing speculation that the Federal Reserve is prepared to announce an initial taper of its quantitative easing measures, Precious Metals have been feeling pressure. Gold and stocks have benefited tremendously from the Fed’s monetary easing program and signs of interruption have caused short-term setbacks for both asset classes in the past. With Gold falling below $1,250 per ounce, investors await news to boost the yellow metal’s momentum and send it back into bullish territory.
Positive U.S. employment data is pointing to another strong day in equities markets following solid opens in Asia and Europe. Alluding to the ongoing momentum of U.S. equities, Doug Foreman, co-chief investment officer at Kayne Anderson Rudnick, said, “Jobless claims were better on the margins, inflation picked up a little, but no significant change there, and earnings and companies continue to do fairly well. And the market was drifting down, so it puts you in a position where it doesn't take much good news to resume the rally.” As the Gold price softens, making way for bargain hunters, stock and Precious Metals investors will continue to await signs from the Fed regarding a potential stimulus taper in the next couple of months.
At 9:09 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,246.80, Up $0.70.
- Silver, $20.00, Up $0.01.
- Platinum, $1,395.00, Up $2.30.
- Palladium, $721.60, Up $6.90.
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