Morning Gold & Silver Market Report – 9/23/2013
FED OFFICIALS TO SPEAK; GOLD STILL UNDER PRESSURE
U.S. stock futures are slipping this morning as investors await speeches from Federal Reserve officials regarding stimulus tapering. Nine officials are expected to speak this week, and there is prevalent hope that the representatives will offer insight to the Fed’s overall strategy regarding the reduction of quantitative easing (QE). With last week’s unexpected announcement that the Fed will not begin scaling back the level of QE, many analysts and investors are now looking to Washington for a plan for the U.S. debt ceiling. Though the House of Representatives have passed a budget bill designed to keep the government active into December, a potential government shutdown weighs heavily on the confidence of investors.
Uncertainty surrounding U.S. fiscal policy continues to weigh on Precious Metals today as Gold continues to fall after a substantial dip on Friday. Though many were surprised that the Fed was going to perpetuate QE uninterrupted, the notion of the inevitability of tapering continues to weigh on Precious Metals markets. All interested parties will be intently focused on this week’s round of speeches to garner a feeling of sentiment among Fed officials surrounding U.S. monetary policy.
At 9:31 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,325.10, Down $9.40.
- Silver, $21.78, Down $0.18.
- Platinum, $1,439.20, Down $4.40.
- Palladium, $713.40, Down $7.60.
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