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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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 2:49:54 PM EST

Metal Bid Ask Change
Gold $1,295.70 $1,297.70 ($7.80)
Silver $19.56 $19.66 ($0.02)
Platinum $1,409.80 $1,419.80 ($18.00)
Palladium $795.00 $800.00 ($3.30)
4/17/2014 2:49:54 PM EST

Click here for Historical Charts*All Charts are in USD


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