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Mid-Day Gold & Silver Market Report – 8/19/2013

METALS FALL IN ANTICIPATION OF FED MINUTES

Precious Metals prices fell during morning trading after a surge last week. Economic data and a softer U.S. dollar helped prices last week, and metals are likely seeing some profit-taking today. Analysts at brokerage firm IIFL said, “We reiterate that the Precious Metals will head higher during the course of [the next] few weeks, aided by a weak greenback and tensions in the Middle East. However, Gold and Silver prices may scale back gains as we approach the most awaited U.S. Federal Reserve meeting in September, whereby the longevity of the bond-buying program will be ascertained.”

In years past, the conference at Jackson Hole, Wyo. has been the site of important announcements regarding quantitative easing from the Federal Reserve. Ian Lyngen of CRT Capital Group LLC believes this will not be the case this year. He said that the upcoming minutes from the Fed’s recent meeting will be “one of the few opportunities to get any type of insight into where the policy is leaning ahead of the potential taper announcement. … The Jackson Hole conference later this week, while typically a big market focus, is unlikely to give us anything insightful as far as the thinking of the leaders of the Fed.”

At 1 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,365.10, Down $7.90.
  • Silver, $23.16, Down $0.25.
  • Platinum, $1,510.40, Down $18.20.
  • Palladium, $754.40, Down $10.20.

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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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