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Mid-Day Gold & Silver Market Report – 12/10/2013

ECB SPECULATION PROVIDES BOOST TO PRECIOUS METALS

Precious Metals prices are continuing to trade high through midday trading. With the Federal Reserve’s two-day meeting set to begin next Tuesday, many investors are beginning to look towards 2014.  “We feel that in 2014, the Fed is likely to have to walk a fine line between fast tapering — likely causing pockets of economic and financial market weakness — and slower tapering — likely contributing towards bubbles. Overall, we think the Fed, along with other central banks, will be forced to maintain a high level of bond buying in 2014,” Deutsche Bank's Jim Reid and Anthony Ip said. This could potentially provide a boost to Gold’s safe haven  appeal. 

The Euro climbed to a six-week high against the dollar on Tuesday.  Growing speculation that the U.S. Federal Reserve will need additional positive economic data before it begins to reduce quantitative easing and expectations that a European Central Bank deal could be completed before this years end; helped boost the Euro. Andres Bergero, chief corporate trader at Bank of the West, said “We're going to see a breakout in the euro soon…The euro zone economy is still fairly fragile, but there aren't as many fires as before. So there is a perceived notion that things are little bit better, a little more stable in Europe.”  Gold has historically had a positive correlation with the Euro, so the current news could be viewed as beneficial for Gold in the future.

At 12:55 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,264.80, Up $28.20.
  • Silver, $20.41, Up $0.66.
  • Platinum, $1,390.00, Up $19.50.
  • Palladium, $737.60, Up $2.60.

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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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