Morning Gold & Silver Market Report – 8/21/2013
GOLD DOWN AHEAD OF FED MINUTES
Minutes from the Federal Reserve’s July meeting will be released at 2 p.m. (ET) today, and the U.S. dollar is on the rise. In turn, stock futures and Precious Metals prices are slightly lower in early morning trading. Investors will be dissecting the minutes for any clues on the internal Fed debate regarding tapering of its quantitative easing program. Ole Hansen of Saxo Bank said, “Our consensus is (for stimulus to be reduced by) $20 billion (a month) at the beginning of September. Any deviation from that could have an impact on the price.”
Contrary to Mr. Hansen’s thoughts, Craig Erlam of Alpari Ltd. wrote, “We’ve heard from a number of Fed members since the meeting and the camp seems split pretty evenly on the matter, which again, to me, suggests tapering in September is unlikely.” Existing home sales data is due later this morning, but is not expected to have much of an impact on prices today.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,366.90, Down $7.70.
- Silver, $23.09, Down $0.06.
- Platinum, $1,519.40, Down $7.10.
- Palladium, $750.20, Down $1.00.
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