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Morning Gold & Silver Market Report – 5/22/2013

FED CHAIRMAN BERNANKE SPEAKS TODAY

Precious Metals are trading higher this morning after comments made by two U.S. Federal Reserve officials yesterday. Both New York Fed President William Dudley and St. Louis Fed President James Bullard supported the continuance of the Fed’s quantitative easing (QE) program until more economic progress is made. Gold has been trading against the U.S. dollar recently, as Societe Generale analyst Robin Bhar explains, “The correlation of the dollar with Gold has been quite strong lately and today's weakness in the U.S. currency after Fed officials said it may be too early to be pulling back of QE certainly helps the metal.”

Federal Reserve Chairman Ben Bernanke will provide testimony to Congress’ Joint Economic Committee at 10 a.m. (EDT). Investors are mainly looking for clues to the Fed’s potential exit plan from the QE program. Craig Erlam of Alpari U.K. said, “The S&P and Dow hit new record highs again on Tuesday following comments from [Federal Open Market Committee] members James Bullard and William Dudley that suggested we will see no monetary tightening in the near future. If Bernanke makes similar comments today, I see no reason why we won’t see more record highs (for stocks) on Wednesday.”

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

  • Gold, $1,395.60, Up $15.00.
  • Silver, $22.91, Up $0.35.
  • Platinum, $1,476.00, Up $16.10.
  • Palladium, $752.30, Up $2.10.

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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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