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Morning Gold & Silver Market Report – 12/10/2013

GOLD, SILVER RETAKE KEY LEVELS

Gold and Silver rebound to $1,250 per ounce and $20.00 per ounce, respectively, in overnight trading. The recent price movements appear to be defiant towards Federal Reserve officials’ comments and other signs that the Fed’s bond-buying will be slowed this month. IG analyst Shaun Murison said, “The market has perhaps become accustomed to the idea [of the taper] in the near-term and priced in what it deems to be fair for now.” A small December taper is the best move for the central bank, according to St. Louis Fed President James Bullard.

CNBC Senior Economics Reporter, Steve Liesman, gave three main reasons the Fed is likely to begin tapering this month. While not all of the Federal Reserve’s goals have been achieved, Liesman notes three tests that have nearly been met. Confidence in the economic outlook is better, according to Liesman, who noted that jobs reports have been encouraging over the past several months. He also believes the U.S. is at an end of fiscal uncertainty, citing reports that congressional Democrats and Republicans are close to striking a budget deal. One ‘gray area’ for Liesman is interest rates. He notes that the 10-year benchmark Treasury bond is still about where it was in September, but he believes other circumstances have changed enough to overlook this.

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,263.90, Up $27.20.
  • Silver, $20.41, Up $0.66.
  • Platinum, $1,394.70, Up $24.20.
  • Palladium, $742.30, Up $7.30.

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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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