Closing Gold & Silver Market Report – 10/22/2013
GOLD, STOCKS LIFTED ON CONTINUED QE PREDICTIONS
The recent government shutdown and weak jobs numbers pushed Gold higher today as investors and economists predict ongoing federal stimulus measures to continue for the foreseeable future. “The payrolls data is pushing Gold higher as investors think the economy needs more support to gain momentum,” Frank McGhee, the head dealer at Integrated Brokerage Services LLC, said. Today’s price boost has lifted the Gold price to its highest level in three weeks. With the government closure lingering as a constant reminder of the often inefficient operation among officials in Washington and employment figures coming in weaker-than-expected, it appears unlikely that the Federal Reserve will be impelled to begin tapering their Gold-friendly monetary easing program until early to mid-2014.
The forecast for the continuation of quantitative easing measures has lifted stocks today as the S&P 500 inches closer to its largest annual gain since 2003. Poor jobs numbers “indicates the Fed is joining us for the holiday season at the current level of quantitative easing,” Darrell Cronk, regional chief investment officer at Wells Fargo Private Bank, said. “And it will probably be ringing in the New Year with us as well as it continues QE through the end of 2013. Right now the data is not suggesting any kind of tapering.” The monthly asset purchase program that has been so accommodative for Precious Metals in the past has also been a central motivator for this year’s equities rally. With labor markets struggling to meet expectations and the awareness of U.S. bureaucratic gridlock, many analysts now predict uninterrupted monetary stimulus through at least March of next year.
At 1:34 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,342.20, Up $24.40.
- Silver, $22.74, Up $0.43.
- Platinum, $1,451.10, Up $11.50.
- Palladium, $754.40, Up $3.10.
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