Mid-Day Gold & Silver Market Report – 11/11/2013
POLITICAL BATTLES STILL A MAJOR FOCUS FOR INVESTORS
Gold and Silver prices have remained mostly flat in morning trading. Although Friday’s payrolls report caused a selloff of Gold, many investors are looking forward to the political battles that await the U.S. in early 2014. INTL FCStone analyst Edward Meir said, “We think that the Fed will likely stand pat [on monetary policy] in December, as investors have yet to discount the inevitable political bickering that will soon arise ahead of the January/February debt and budget deadlines and perhaps prompt the central bank to hold its fire.”
U.S. stocks are mostly flat as well, with the Dow Jones Industrial Average and S&P 500 fluctuating between gains and losses. The record rally in the stock market is expected to continue, according to Rockwell Global Capital chief market economist Peter Cardillo. “I think the market will continue to rally, with some intraday corrections, but my target remains 1,800 on the S&P by year end,” Cardillo said.
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,283.40, Down $3.20.
- Silver, $21.36, Down $0.01.
- Platinum, $1,434.70, Down $9.20.
- Palladium, $755.70, Down $3.20.
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