Morning Gold & Silver Market Report – 11/15/2013
PROFIT TAKING PUTS DENT IN GOLD’S REBOUND
Profit taking has Gold and Silver prices down slightly in early morning trading. U.S. Federal Reserve Chair nominee Janet Yellen’s testimony to the U.S. Senate yesterday saw dovish monetary policy comments lift Precious Metals prices. MKS Capital senior trader Alex Thorndike said, “I think a $1,270-$1,300 [per ounce] range should hold into next week. The market will now look to next week's (Fed meeting) minutes for any further information on a tapering timeline, which of course will influence Gold and Silver.”
U.S. stock futures rose Friday morning ahead of economic data. Deutsche Bank analysts also commented on Yellen’s testimony, saying, “We got a glimpse of the future of the Fed under Yellen’s stewardship — and the verdict from markets is that we should expect policy continuity when Yellen officially takes the reins next year.” Accommodative monetary policy has helped both Precious Metals and stock market prices in the past, so a continuation is positive for both markets.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,288.90, Up $0.60.
- Silver, $20.79, Up $0.01.
- Platinum, $1,440.30, Down $4.80.
- Palladium, $730.90, Down $10.40.
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