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Mid-Day Gold & Silver Market Report – 3/19/2014

GOLD DIPS ON FED MEETING EXPECTATIONS

A stronger dollar has weighed on the Gold price today as investors await the outcome of the Federal Reserve’s monthly policy meeting.  Resounding expectations are that the Federal Reserve will deem the U.S. economy strong enough to continue its current pace of asset purchase reduction.  “Today really comes down to the Fed and what they are going to say,” Richard Sichel, chief investment officer at Philadelphia Trust Co., said.  “We had a nice market yesterday and we think that we won’t see a move in a dramatic direction this morning. The market will tread water until this afternoon.”  With a lack of inflation, and a slow but steady decrease in the unemployment rate, the Gold price could remain under pressure in the short-term.  Historically, lower Gold and Silver prices have influenced strong demand for physical Precious Metals. 

U.S. stocks wavered today as equities investors are also anxious to hear the outcome of the Fed’s policy conference.  Today’s market fluctuation comes after the largest two-day rally in five weeks.   “The Fed is always a big issue, but I think everybody has a good idea about what they’re going to do,” Randall Warren, chief investment officer of Warren Financial Service, said. “The numbers that are coming out of the U.S. have held up well through a tough winter. Geopolitical issues are still going on, but it certainly doesn’t appear that we’re being pulled into any serious conflicts.”  Though many experts consider further trimming of monetary easing measures a foregone conclusion, all interested parties will intently await Fed Chairman Janet Yellen’s address following the summits conclusion. 

At 1:08 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,342.50, Down $18.50.
  • Silver, $20.85, Down $0.05.
  • Platinum, $1,454.50, Down $9.20.
  • Palladium, $766.50, Down $4.90.

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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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