Closing Gold & Silver Market Report – 11/11/2013
LITTLE MOVEMENT FOR METALS; WORLD GOLD COUNCIL HAS HIGH EXPECTATIONS FOR CHINA
Precious Metals traded flat on Monday with growing speculation that the U.S. Federal Reserve will soon be tapering its bond-buying program after Friday’s better than expected jobs report. The next Fed meeting is set for December 17-18, which is when the market expects the official announcement of a fiscal policy cutback. "The dollar index is still holding fairly firm, and given the lack of physical interest or significant investor demand near new lows, there is very little upside for the market,'' VTB Capital analyst Andrey Kryuchenkov said. "Gold continues trading with macro headlines and against the greenback.''
The World Gold Council (WGC) forecasts that China’s total demand for Precious Metals could increase 29 percent to reach 1,000 tons this year, causing the country to surpass India as the world’s largest Gold consumer. This month, a Gold vault that holds up to 2,000 metric tons opened in Shanghai. The location was simple to choose as demand in Asia is growing ever so quickly. “Such a facility is a massive vote of confidence for the Chinese Gold market,” said Philip Klapwijk, managing director of Hong Kong-based Precious Metals Insights Ltd. “The trend for demand has been very strongly positive,” said Klapwijk, who has monitored Precious Metals since 1988.
At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,283.10, Down $3.50.
- Silver, $21.39, Up $0.03.
- Platinum, $1,433.90, Down $10.00.
- Palladium, $755.00, Down $3.90.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.