Morning Gold & Silver Market Report – 11/14/2013
FED CHAIR NOMINEE YELLEN DOVISH IN PREPARED STATEMENT
Precious Metals prices jumped last night after Federal Reserve chair nominee Janet Yellen’s prepared statement was released. Regarding the economy, Yellen said, “We have made good progress, but we have farther to go to regain the ground lost in the crisis and the recession. Unemployment is down from a peak of 10 percent, but at 7.3 percent in October, it is still too high, reflecting a labor market and economy performing far short of their potential. … A strong recovery will ultimately enable the Fed to reduce its monetary accommodation and reliance on unconventional policy tools such as asset purchases. I believe that supporting the recovery today is the surest path to returning to a more normal approach to monetary policy.”
Jobless claims, by end of week Nov. 9, fell by a less-than-expected amount according to the U.S. Labor Department’s weekly report. Precious Metals prices remained higher, and U.S. stock futures added to gains after the report’s release. Economic data will continue to be scrutinized as investors look everywhere for clues as to when QE tapering will begin.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,284.30, Up $13.90.
- Silver, $20.73, Up $0.24.
- Platinum, $1,451.30, Up $18.30.
- Palladium, $739.80, Up $3.40.
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.