Mid-Day Gold & Silver Market Report – 9/23/2013

FED’S BULLARD SAYS QE COULD STILL BEGIN SOON

Precious Metals prices are down slightly this morning after comments from St. Louis Federal Reserve President James Bullard left investors wondering if quantitative easing tapering could begin soon. However, MKS SA’s Afshin Nabavi said, “Unless there is some mega change in the U.S. labor market, I don't think we will have any QE slowdown this year and that should grant some support to Gold.”

Bullard’s comments were also partly to blame for a drop in stocks today; however, Robert Pavlik of Banyan Partners believes it has more to do with the U.S. government. Pavlik said that the drop in stocks has “more to do with the discussions going on in Washington related to the budget talks and the debt ceiling; the rhetoric has spooked the market.” Pavlik also had harsh words for the U.S. Federal Reserve. He said, “They got the market ready for this tapering. Their communication process of late has been abysmal.”

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

  • Gold, $1,330.40, Down $4.10.
  • Silver, $21.92, Down $0.04.
  • Platinum, $1,426.40, Down $7.20.
  • Palladium, $717.10, Down $3.80.

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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
4/16/2014 12:33:34 PM EST

Metal Bid Ask Change
Gold $1,301.30 $1,303.30 $1.00
Silver $19.55 $19.65 $0.12
Platinum $1,427.00 $1,437.00 ($7.60)
Palladium $795.60 $800.60 $3.80
4/16/2014 12:33:34 PM EST

Click here for Historical Charts*All Charts are in USD


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