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Mid-Day Gold & Silver Market Report – 9/23/2013


Precious Metals prices are down slightly this morning after comments from St. Louis Federal Reserve President James Bullard left investors wondering if quantitative easing tapering could begin soon. However, MKS SA’s Afshin Nabavi said, “Unless there is some mega change in the U.S. labor market, I don't think we will have any QE slowdown this year and that should grant some support to Gold.”

Bullard’s comments were also partly to blame for a drop in stocks today; however, Robert Pavlik of Banyan Partners believes it has more to do with the U.S. government. Pavlik said that the drop in stocks has “more to do with the discussions going on in Washington related to the budget talks and the debt ceiling; the rhetoric has spooked the market.” Pavlik also had harsh words for the U.S. Federal Reserve. He said, “They got the market ready for this tapering. Their communication process of late has been abysmal.”

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

  • Gold, $1,330.40, Down $4.10.
  • Silver, $21.92, Down $0.04.
  • Platinum, $1,426.40, Down $7.20.
  • Palladium, $717.10, Down $3.80.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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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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