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Mid-Day Gold & Silver Market Report – 9/19/2013


Gold remains up today following Federal Reserve Chairman Ben Bernanke’s announcement that the current scale of monetary easing will not be reduced. “Wow — just as it seems that the Fed had the markets comfortable with tapering, they pull the rug out from everyone,” Richard Gotterer, managing director and senior financial adviser at Wescott Financial Advisory, said. “Now the question is will the Fed prepare the markets for tapering come October, December or wait for the new FOMC chair to control the process?” Technical indicators still show Gold under downward pressure, and major Wall Street firms like Goldman Sachs continue to forecast lower long-term prices. However, the Fed’s commitment to aggressive stimulus measures caused enough fear among investors to drive metals prices up nearly 5 percent during yesterday’s session.

Following a strong rally that drove the S&P 500 to record highs yesterday, stocks are down slightly during Thursday’s trading. “People know the Fed at some point has to start a tapering process,” Cameron Hinds, regional chief investment officer for Wells Fargo Private Bank, said. “Longer term, there’s also an indication of a little lack of confidence from the Fed in terms of the economic growth.” Though many analysts and investors are shocked that the Fed has failed to begin tapering, Bernanke has remained steadfast in his pledge to continue stimulus measure until U.S. unemployment reaches a level that we have still failed to attain.

At 1:41 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,370.00, Up $60.50.
  • Silver, $23.29, Up $1.71.
  • Platinum, $1,466.00, Up $39.80.
  • Palladium, $726.40, Up $32.50.

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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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