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Morning Gold & Silver Market Report – 12/11/2013

MARKETWATCH’S LYNN: CENTRAL BANKS WILL ALWAYS PRINT MONEY

Precious Metals are mostly flat this morning, as investors continue to look forward to next week’s Federal Open Market Committee meeting. Many economists polled by Reuters believe the Fed will announce a tapering of its quantitative easing (QE) program starting in March, though it could begin sooner based on strong economic data. Macquarie analyst Matt Turner said, “The issue now is the Fed meeting next week, so anything that changes opinion about that could be important for Gold. The reason Gold rallies when they don't taper, even if you expect them to taper at the next meeting or the one after, is because each time they don't taper, it keeps open a possibility of QE continuing indefinitely, perhaps forever.

On that note, MarketWatch’s Matthew Lynn wrote a piece this morning proclaiming that central banks will always find a reason to continue easy monetary policy. Lynn wrote, “The reality is, they will keep moving the goal posts. Once you slash interest rates to zero, and start printing money, it is impossible to stop without doing huge damage to the economy.” He went on to give the United Kingdom as an example. When their economy improved much more rapidly than expected, the policymakers kept “moving the goal posts further,” and continued to print money.

At 9:12 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,261.80, Down $1.80.
  • Silver, $20.42, Up $0.06.
  • Platinum, $1,389.30, Down $1.40.
  • Palladium, $741.80, Up $3.30.

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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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