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Mid-Day Gold & Silver Market Report – 9/18/2013


The Gold price is on the decline for the third straight session as the anticipation that the Federal Reserve will announce an initial reduction to its quantitative easing program grows. Today’s drop has pushed Gold below $1,300 to its lowest level in six weeks. Most economists predict the Fed will proclaim a $10-$15 billion decrease in the monthly purchase of treasury and mortgage-backed securities that currently totals $85 billion. “The market is factoring in the tapering issue and the closer we get to the time of the news conference the quicker we are seeing Gold prices move,” Natixis analyst Bernard Dahdah said. Though most analysts and economists do predict a tapering announcement following the conclusion of today’s Federal Open Market Committee (FOMC) meeting, the scale of reduction is expected to be very cautious in an effort to avoid jarring markets too heavily. Though many believe the idea of tapering is already factored into Gold and equities markets, lower prices have always presented a strong buying opportunity for physical Precious Metals investors.

Though many investors are reluctant to take on any new positions ahead of FOMC meeting outcome, U.S. stocks are down slightly halfway through Wednesday’s trading. The prediction of a monthly reduction of economic stimulus by $10-$15 billion has weighed on the Dow Jones and S&P as investors brace themselves for the preliminary slowdown to be a modest one. “Anything above that modest amount and stock investors will not be happy. They will think the Fed would be tapering too quickly, and we would expect a negative reaction in the marketplace that could very well lead to a buying opportunity,” Scott Wren, senior equity strategist at Wells Fargo Advisors, wrote. “If the Fed decides to do nothing, the outcome is more of a coin toss. Would investors interpret inaction as the Fed seeing something the rest of us have not? … Doing nothing would require delicate language in the post-meeting press release.”

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

  • Gold, $1,305.70, Down $5.70.
  • Silver, $21.54, Down $0.26.
  • Platinum, $1,425.20, Up $1.80.
  • Palladium, $702.30, Down $3.70.

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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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