Morning Gold & Silver Market Report – 12/4/2013
FED’S WILLIAMS: TAPER ONLY WHEN ECONOMY ON RIGHT TRACK
The Silver price added to gains and the Gold price recovered from early losses after San Francisco Federal Reserve President John Williams said the Fed should only consider tapering its quantitative easing program when it is “completely confident” the economy is on the road to recovery. At that point, according to Williams, the Fed should announce an end date and begin tapering. Williams also mentioned that even while the Fed tapers its bond-buying program, interest rates will remain low, continuing the highly-accommodative stance of the central bank.
Ava Trade chief market analyst Naeem Aslam wrote that Williams’ “comments further assured markets that the Fed should be extremely careful in their observation before they announce anything, although their wrapping up the ultra loose monetary policy could be unwrapped again.” U.S. stock futures turned lower after the comments, pointing to a negative start for Wall Street. Williams’ comments appeared to override the positive Automatic Data Processing report on private-sector employment for November.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,227.30, Up $4.50.
- Silver, $19.31, Up $0.21.
- Platinum, $1,358.80, Up $1.50.
- Palladium, $719.20, Up $4.40.
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