Mid-Day Gold & Silver Market Report – 6/14/2013
GOLD STAYS BELOW $1,400 AS INVESTORS AWAIT FOMC MEETING
Gold is up slightly headed into the weekend as prices continue to remain relatively range-bound. The current price pattern Gold is experiencing is largely due to a lack of clear-cut expectations regarding the Fed’s future plans for monetary easing. “The Fed meeting next week has kept a lot of people on the sidelines,” Afshin Nabavi, head of trading at MKS, said. “We may have some moves next week after the FOMC (meeting).” The validity of perpetuating quantitative easing (QE) measures that have been so essential to driving the price of Gold up since 2010 is now coming into question. There are factions among Federal Reserve officials who want to begin tapering the stimulus program and those who believe any discussion concerning a reduction in the level of stimulus is premature.
Volatility continues in equities markets after the International Monetary Fund cut its outlook for U.S. growth in 2014 and eluded to QE in hopes that any possible exit from the program will be done with great care. Like Gold and Silver, stocks have benefited tremendously from the Fed’s monetary policy. Both Gold bugs and equities investors are anxiously awaiting next week’s Federal Open Market Committee meeting to gauge whether Fed Chairman Ben Bernanke’s statements point to abridged monetary easing.
At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,389.10, Up $9.30.
- Silver, $22.14, Up $0.44.
- Platinum, $1,451.60, Up $3.00.
- Palladium, $731.50, Down $0.50.
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