Morning Gold & Silver Market Report – 2/20/2013
FED MINUTES EYED; CRAMER TALKS UP GOLD
Precious Metals prices are trading lower again this morning as investors await the minutes from the latest Federal Reserve meeting. These minutes are expected to show that a large portion of the meeting was spent discussing how to end the third round of quantitative easing. Monetary stimulus such as QE3 has been responsible for many of the large upswings in the Gold price specifically over the past few years. It has been speculated recently that the potential end to QE3 is a large part of the reason for the recent price dip in the yellow metal’s price.
CNBC’s Jim Cramer has repeatedly stated that the best time to increase or establish a position in an investment is on a pullback. On the February 15 edition of Mad Money, Cramer talked highly of Gold, despite the pullback in price. “Think of it as insurance against economic and geopolitical chaos as well as inflation,” he said. “You wouldn’t own a home without homeowner’s insurance, you wouldn’t own a car without car insurance, and you shouldn’t invest without some Gold exposure because Gold pays off when everything else fails. With governments debasing their currencies left and right to be competitive, investors need to go somewhere, and they’ve been turning to Gold.”
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,593.50, Down $11.80.
- Silver, $29.13, Down $0.36.
- Platinum, $1,660.80, Down $36.70.
- Palladium, $755.80, Down $9.40.
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