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Morning Gold & Silver Market Report – 11/21/2013


The Gold price fell Thursday, still reeling from news that the Federal Reserve could begin to taper quantitative easing as soon as next month. Societe Generale analyst Robin Bhar said of the recent price movement, “This highlights the fact that the market believed there will be no tapering this year and now the Fed says that is not really discounted. The central banks want to keep the market guessing and that uncertainty weighs on the Gold price.” Also weighing on the Gold price is the U.S. dollar, which is at its highest mark in nearly a week. Historically, Gold has a mostly negative correlation to the dollar.

MarketWatch’s Jeff Reeves assembled a list of four reasons that Gold is poised for a comeback. First, he says that global physical demand for the metal is strong, according to the World Gold Council. He also points to the fact that outflows from Gold exchange-traded funds are slowing. Hedge fund managers are also behind the metal, but this last point is perhaps the most interesting. With talk of tapering the current loose monetary policy, Reeves wrote, “Keep in mind that Gold rallied from a low of under $1,200 [per ounce] at the end of June to $1,400 [per ounce] in August on the expectation that tighter monetary policy was on the way. A move like that may be likely again for Gold prices in early 2014.”

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

  • Gold, $1,242.90, Down $17.60.
  • Silver, $19.85, Down $0.27.
  • Platinum, $1,396.00, Down $4.60.
  • Palladium, $716.10, Up $0.80.

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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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