Mid-Day Gold & Silver Market Report – 10/29/2013
INVESTORS EYE DATA, FED MEETING FOR DIRECTION
Precious Metals prices are trading fairly flat through mid-day trading. Many investors are awaiting Wednesday’s conclusion of the two-day Federal Open Market Committee meeting for direction. Consumer confidence data released Tuesday showed a much bigger drop than expected as confidence reached its lowest point in six months. In a note Tuesday, analysts at Commerzbank said, “From a technical perspective, $1,360 marks an important resistance level which the Gold price first has to lastingly overcome if it is to climb any further. Generally speaking, however, the technical picture has brightened of late.”
A recent CNBC Fed survey showed a large percentage of investors believe the Federal Reserve won’t begin to taper its quantitative easing program until 2014. Chad Morglander with Stifel, Nicolaus & Co. said, “Unfortunately, the U.S. economy in 2014 will look similar to 2013. This will force the Federal Reserve to continue QE longer than consensus expectations.” If Morglander is correct, this could potentially boost Gold’s safe haven appeal.
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,346.50, Down $7.70.
- Silver, $22.56, Down $0.03.
- Platinum, $1,463.10, Down $10.80.
- Palladium, $747.70, Down $3.80.
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