Morning Gold & Silver Market Report, 6/20/2012
FED MONETARY POLICY DECISION EXPECTED TODAY
American stock futures are trading slightly higher this morning, while the Gold price has dropped. This movement comes ahead of a highly anticipated Federal Reserve policy decision that could bring about a new round of quantitative easing. Nick Beecroft of Saxo Capital Markets U.K. said that while QE is the hope of the markets, the Fed is more likely to announce an extension of Operation Twist, its bond-buying program. “This will probably disappoint equity markets, which seem to be expecting ‘another shot of heroin,’” he said. The Fed announcement is expected at 12:30 p.m. (EDT).
European leaders fleshed out a list of concrete steps to potentially solve its debt crisis at the Group of 20 (G20) summit, with the G20 leaders supporting what the eurozone brought to the table. United States President Barack Obama said that it was clear that the leaders know what steps need to be taken to shore up the debt crisis, adding, “None of them are going to be a silver bullet that solves this thing entirely … in the next week or two weeks or two months, but each step points to the fact that Europe is moving towards further integration rather than breakup.”
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,605.60, Down $18.10.
- Silver, $28.20, Down $0.27.
- Platinum, $1,459.90, Down $22.60.
- Palladium, $624.90, Down $5.50.
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