Morning Gold & Silver Market Report – 7/17/2013

BERNANKE’S REMARKS SHED LIGHT ON TAPERING

Precious Metals prices reversed losses this morning after the release of U.S. Federal Reserve Chairman Ben Bernanke’s prepared remarks for his Congressional testimony, which begins today. Bernanke’s last appearance sparked a rebound in the Gold price as he said there was no timetable for tapering the quantitative easing (QE) program. Today’s remarks read, “I emphasize that, because our asset purchases depend on economic and financial developments, they are by no means on a preset course.” He did say the Fed plans to begin tapering later this year, and end QE “around midyear” in 2014, but only if economic conditions allow.

Bernanke further elaborated on the Fed’s plans, saying, “On the other hand, if the outlook for employment were to become relatively less favorable, if inflation did not appear to be moving back toward 2 percent, or if financial conditions — which have tightened recently — were judged to be insufficiently accommodative to allow us to attain our mandated objectives, the current pace of purchases could be maintained for longer. [If needed, the Fed is also prepared] to employ all its tools, including an increase in the pace of purchases for a time.”

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

  • Gold, $1,296.10, Up $2.40.
  • Silver, $20.09, Up $0.07.
  • Platinum, $1,425.20, Up $0.10.
  • Palladium, $733.50, Down $3.10.

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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
4/17/2014 5:15:48 PM EST

Metal Bid Ask Change
Gold $1,294.60 $1,296.60 ($8.90)
Silver $19.60 $19.70 $0.02
Platinum $1,405.70 $1,415.70 ($22.10)
Palladium $792.10 $797.10 ($6.20)
4/17/2014 5:15:48 PM EST

Click here for Historical Charts*All Charts are in USD


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