Mid-Day Gold & Silver Market Report – 11/8/2013
METALS DIVE ON DATA, QE SPECULATION
Precious Metals prices continued their downward trend through mid-day trading. A stronger-than-expected jobs report fueled speculation that the U.S. Federal Reserve would begin to taper its quantitative easing program before year’s end. GFT Markets technical analyst Fawad Razaqzada said, “The numbers absolutely blew past expectations. After yesterday’s surprisingly strong U.S. GDP figure, this has strengthened the argument for the Fed to reduce stimulus before the end of this year. And because of that reason, Gold prices have plunged today.”
U.S. consumer sentiment dipped to a near two-year low in November. Lingering negative views of the government and consumer fears of job prospects and financial outlooks were key factors. Richard Curtin, survey director for the Thomson Reuters/University of Michigan consumer sentiment report, said, “Following the end of the shutdown, consumers were somewhat more optimistic about the outlook for the economy, but thus far the rebound has been lackluster.”
At 3:07 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,287.90, Down $22.60.
- Silver, $21.50, Down $0.21.
- Platinum, $1,445.60, Down $12.20.
- Palladium, $759.90, Down $0.30.
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