Closing Gold & Silver Market Report – 10/31/2013
TAPER SPECULATION PRESSURES METALS
Precious Metal prices are trading lower though afternoon trading. News released Wednesday announcing the Federal Reserve will continue its bond buying program is settling in and starting to effect investors. CitrinGroup founder and executive chairman Jonathan Citrin said, “It will be interesting to watch upcoming tapering expectations impact Gold’s price, and also to see if inflation worries ever return to investors’ minds. Traders are currently blind to any inflation implications of continued Fed loose monetary policy, eyeing capital appreciation much more than preservation.”
U.S. stocks finished lower Thursday, curbing this month’s gains. Two days after both the Dow and S&P 500 closed at record highs, equities fluctuated and are trending downward. BTIG chief global strategist Dan Greenhaus said, “ The reality is you have a number of earnings reports that weren't the best.” He added, “Nobody believes the Chicago [Purchasing Managers’ Index],” referencing the index that measures Chicago-area business activity, which climbed for the fourth month in a row.
At 5:01 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,324.90, Down $26.40.
- Silver, $21.98, Down $1.06.
- Platinum, $1,450.90, Down $30.00.
- Palladium, $738.40, Down $12.10.