Morning Gold & Silver Market Report – 6/19/2013
GOLD STARTS DAY MOVING UP
As the markets open this morning, the Gold price is up slightly. The markets have been waiting for the United States Federal Reserve to speak on the future of their monetary easing program and today the wait is over. There has been much speculation on what will be said by Fed Chairman Ben Bernanke and when it is announced the markets will take notice. “Any signs of improvement in growth expectations will further fuel uncertainty about the Fed’s asset purchase program,” Mumbai-based Kotak Commodity Services Ltd. said today in a report. “Any sign of curtailment in asset purchases will be negative for Gold, however it has been factored in to some extent.”
Many economists believe today’s Fed announcement is being over hyped and will fall short of expectations. Their reasoning is that the economy has improved but not as much as is needed to start tapering the easing program. As with past announcements, it is believed the Fed will continue to monitor the situation and act accordingly. "Should the outlook improve as the Fed expects, then it may continue to lay the groundwork for a tapering of purchases at upcoming [Federal Open Market Committee] meetings. However, should the data evolve more in line with our forecast, then we see the Fed as refraining from tapering until the first quarter of 2014," Michael Gapen, an economist with Barclays in New York, said.
At 9:02 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1373.40, Up $4.50.
- Silver, $21.76, Down $0.04.
- Platinum, $1438.00, Down $4.10.
- Palladium, $706.30, Down $2.10.
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