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Mid-Day Gold & Silver Market Report – 11/14/2013

YELLEN COMMENTS ON GOLD DURING TESTIMONY

The Gold price is up for a second straight session as incoming Federal Reserve Chairman Janet Yellen gives clear indication that the U.S. Federal Reserve will continue its current level of monetary stimulus measures until economic recovery and a vibrant U.S. jobs market are firmly in place. “The possibility of continued tapering and Yellen's comment about the importance not to pull the plug too early is initially [in] support of Gold,” Thomas Power, senior commodity broker at futures brokerage RJO Futures, said.

Yellen was asked about Gold during her Senate testimony, saying, “I don’t think anyone has a good model of what makes Gold prices go up or down, but certainly it is an asset that people want to hold when they are very fearful about potential financial market catastrophes, or economic troubles and tail risks.” Yves Lamoureux, president of Lamoreux & Co., said, “For us, little is changed fundamentally as real rates are rising. The bigger concern is if miners start unloading Gold futures to hedge their production going forward — something that had been unpopular with shareholders and put on shelves.”

At 2:18 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,285.90, Up $15.50.
  • Silver, $20.76, Up $0.26.
  • Platinum, $1,446.90, Up $13.90.
  • Palladium, $740.40, Up $3.50.

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Disclaimer:
APMEX 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. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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