Morning Gold & Silver Market Report – 10/29/2013
PROFIT-TAKING DROPS GOLD FROM FIVE-WEEK HIGH
The Gold price is retreating from a five-week high in early morning trading as the Federal Reserve’s two-day policy meeting begins today. Expectations are that when the meeting concludes Wednesday, the Fed will announce a continuation of its highly-accommodative quantitative easing program. VTB Capital analyst Andrey Kryuchenkov said of the Gold price, “We had decent gains yesterday and a bit of profit-taking was to be expected. The main focus remains on the Fed and the market seems to have factored in the central bank will not change its current accommodative stance. … The market will continue to be sensitive to any U.S. data and bullion's trade will continue to be strongly correlated to the dollar index.”
MarketWatch’s Brett Arends gave five reasons that the stock market bulls are getting it wrong. Arends likened today’s situation to that of the dotcom bubble of 1999 and the housing bubble of 2006. Among reasons given were recent stock valuations in bubble territory, the fact that even noted market bears are turning bullish, and current debt levels.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,348.60, Down $5.60.
- Silver, $22.57, Down $0.02.
- Platinum, $1,467.70, Down $6.20.
- Palladium, $743.50, Down $8.00.
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