Mid-Day Gold & Silver Market Report – 11/4/2013
QUANTITATIVE EASING DOMINATES HEADLINES
Quantitative easing (QE) continues to be a major point of emphasis with investors. Though some analysts are still preparing for the outside chance of the U.S. Federal Reserve begins tapering its QE program in December, St. Louis Fed President James Bullard said Monday that the Fed has the luxury of patience due to low inflation. Bullard also noted that economic data will play a major part in the decision, so investors will continue to focus on data releases.
The euro hit a six-week low against the dollar amid pressure for the European Central Bank to cut interest rates and possibly start a QE program of its own. Barclays Capital analysts said, “Although market expectations for ECB action have grown due to the weak inflation print, we think a December move is much more likely. However, we expect dovish rhetoric at the press conference from ECB President Mario Draghi to keep a December move in play.”
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,319.60, Up $4.40.
- Silver, $21.83, Down $0.06.
- Platinum, $1,455.10, Up $2.20.
- Palladium, $750.50, Up $11.30.
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