Morning Gold & Silver Market Report – 8/20/2013
GOLD, SILVER RECOVER AS INVESTORS AWAIT FED MINUTES
Gold and Silver prices recovered from early losses this morning as investors await the release of minutes from the Federal Reserve’s July meeting, which will be released Wednesday. Peter Fertig of Quantitative Commodity Research explained, however, that the minutes will likely not shed much light on the situation. He said, “I don't think the minutes will provide a clear signal about the September taper. If they could have, they would already have done so in the FOMC statement. We will just get a reflection of the discussion, and we already know that some members would vote to start the tapering, and others would like to wait and see. It will be further waiting and further speculating.”
ETX Capital’s Ishaq Siddiqi believes that investors attempting to preempt the Fed’s decision will be a common occurrence until the September Federal Open Market Committee meeting. He said, “With around two weeks or so to go before the Federal Reserve’s September policy meeting and press conference, traders are re-weighting their asset portfolios just to get ahead of the Fed. Market participants do not want to get caught out on the wrong side if tapering does indeed start in September — that’s why we are seeing many in the market tinkering their portfolios to react favorably to tapering.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,368.60, Up $1.00.
- Silver, $23.18, Down $0.07.
- Platinum, $1,517.10, Up $7.10.
- Palladium, $750.90, Down $3.50.
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