Morning Gold & Silver Market Report – 7/11/2013

BERNANKE: FED SHOULD BE MORE ACCOMMODATIVE

Precious Metals prices jumped Wednesday afternoon and have continued to climb today, with Gold nearing $1,300 and Silver jumping above the $20 barrier. After the release of the minutes from June’s Federal Open Market Committee meeting, U.S. Federal Reserve chairman Ben Bernanke spoke and revealed that the Fed should be more accommodative, which boosted the safe haven appeal of Gold. Analysts at Commerzbank wrote, “We presume that the strong reaction of the Precious Metal markets is also related to the fact that investors believe that the Fed’s actions and attitude do not differ significantly from those” of the highly accommodative European Central Bank or Bank of Japan. “This is likely to prompt investors to increasingly seek a ‘safe haven’ and a currency that is independent of the central banks, thus again luring in buyers of Gold.”

The minutes outlined clearly what the committee believed Bernanke should convey regarding tapering the quantitative easing program, and a key element was reminding the public that “decisions about asset purchases and other policy tools would continue to be dependent on the Committee's ongoing assessment of the economic outlook.” With Wednesday’s announcement that the Fed should continue with low interest rates, it appears the economic data released since the June meeting didn’t meet the committee’s expectations.

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,287.20, Up $37.30.
  • Silver, $20.17, Up $0.91.
  • Platinum, $1,403.40, Up $35.30.
  • Palladium, $723.50, Up $9.70.

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Disclaimer:

APMEX’s ‘News and Commentaries’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. 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 "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

US Dollar Prices are in USD

Precious Metal Prices
4/24/2014 8:51:05 AM EST

Metal Bid Ask Change
Gold $1,273.40 $1,275.40 ($11.20)
Silver $19.10 $19.20 ($0.29)
Platinum $1,381.90 $1,391.90 ($12.00)
Palladium $779.20 $784.20 ($2.80)
4/24/2014 8:51:05 AM EST

Click here for Historical Charts*All Charts are in USD


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