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Mid-Day Gold & Silver Market Report – 12/6/2013

TAPER WOES APPEAR PRICED-IN; GOLD REACTS LITTLE TO JOBS DATA

The Gold price has held mostly even today as Precious Metals stayed resilient following a strong jobs report.  Positive nonfarm payroll data could indicate that the Federal Reserve might be prepared to begin reducing its current level of quantitative easing before year-end.  The report “did try to pound the metal, but the support of $1,210 [per ounce] is still very much in play, and this support has pushed the price back up,” AvaTrade chief market analyst Naeem Aslam said.  The failure of Gold to fall below key technical support levels indicates that the expectation of a stimulus taper may already be figured into the market and that some of the sell-off could be exhausted. Both stock and Precious Metals investors alike await a time when market movement is dominated by Fed taper speculation. “The unintended consequence of [quantitative easing] is a market more influenced by the tapering timetable guessing game than the fundamentals like macroeconomic factors,” Edmund Moy, chief strategist at Morgan Gold, said in an email.

U.S. stocks rallied significantly today as unemployment numbers fell to their lowest level since 2008.  “The market is getting increasingly comfortable with a taper scenario that parallels an incrementally stronger economy,” Jim Russell, senior equity strategist for U.S. Bank Wealth Management, said. “The higher number could more easily be accepted because the market had traded down, anticipating what was likely to be a stronger number today, and of course we got that.” Following five days of losses, the S&P 500 is set to realize a 26 percent increase this year.  Investors will await further news that point to economic improvement and hope that domestic growth can sustain markets.

At 1:01 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,232.90, Down $1.50.
  • Silver, $19.60, Down $0.02.
  • Platinum, $1,358.90, Down $6.80.
  • Palladium, $733.90, Down $3.00.

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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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