Mid-Day Gold & Silver Market Report – 7/29/2013

FED MEETING LOOMS; GOLD GAINS GROUND

Precious Metals prices have continued their climb higher in morning trading as investors await the Federal Open Market Committee meeting later this week.  Intesa Sanpaolo economist Giovanna Mossetti wrote that the Fed should “remain markedly dovish [as they have previously announced that] monetary policy must remain accommodative for an extended period, and the gradual tapering of purchases will not imply the beginning of a restriction, but rather ongoing stimulus at a slower pace.”

Speculation has surrounded the end of Federal Reserve Chairman Ben Bernanke’s time at the central bank, though the speculation has now turned to his successor.  According to analysts, the markets are expecting it to be Janet Yellen, who has been in favor of the highly-accommodative monetary policy of recent Fed history.  However, new reports have revealed that Treasury Secretary Larry Summers could be President Barack Obama’s choice, which could cause a shock to the markets.  David Forrester of Macquarie Bank said, “If Summers is appointed, then we may see markets correct as tapering will be expected to happen more quickly.  Yellen is a Fed insider and was part of the Federal Open Market Committee when QE [quantitative easing] was being implemented, while Summers questions the efficacy of QE.”

At 1 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,331.30, Up $7.40.
  • Silver, $19.96, Up $0.11.
  • Platinum, $1,446.50, Up $22.70.
  • Palladium, $746.00, Up $20.50.

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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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