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Morning Gold & Silver Market Report – 5/21/2013

FOMC MEMBERS TO SPEAK ON POLICY TODAY

Precious Metals prices are falling on speculation that an end could be near for the U.S. Federal Reserve’s quantitative easing (QE) program. Gold seems to be setting the trend for the rest of the Precious Metals , as it started falling this morning as the U.S. dollar gained. Physical demand remains strong in China, while in India, the world’s largest Gold consumer, physical buying has slowed as more limitations are placed on imports in an effort to curb the country’s deficit.

Two top Fed officials who have voting rights on the interest-rate-setting Federal Open Market Committee (FOMC) are slated to speak today, and many analysts are looking for clues about the length of the current round of QE. St. Louis Fed President James Bullard will speak at 11:30 a.m. (EDT), while New York Fed President William Dudley, vice-chairman of the FOMC, will speak at 1 p.m. (EDT). Ishaq Siddiqi of ETX Capital said, “Stock traders are still digesting comments by Fed member Charles Evans overnight; he said the U.S. recovery can be self-sustaining by 2014 but expressed caution about the nature of this recovery as any signs of pick-up could be temporary, suggesting the Fed is not ready to unwind stimulus just yet but perhaps within the next year.”

At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,373.40, Down $13.70.
  • Silver, $22.38, Down $0.31.
  • Platinum, $1,460.20, Down $25.90.
  • Palladium, $744.00, Down $8.70.

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Disclaimer:
APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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