Mid-Day Gold & Silver Market Report – 3/19/2013
Brandi Brundidge
3/19/2013 1:02:00 PM
MARKET REMAINS QUIET AHEAD OF FED MEETING
The market has remained stable this morning as it prepares for the Federal Reserve’s two-day policy meeting. Expectations are that Chairman Ben Bernanke will announce the desire to pullback easing measures for the U.S. economy. “The market is very quiet ahead of the Fed meeting,” Adam Klopfenstein, a senior market strategist at Archer Financial Services Inc. in Chicago, said in a telephone interview. “People want to know when Bernanke wants to end the easing.”
The Huffington Post co-founder and editor-in-chief, Arianna Huffington shared her concerns over the Cyprus bailout and how it is affecting that country’s citizens. Huffington believes the government’s decision to go after insured deposits was not inappropriate and more than likely was in benefit of Germany. Huffington continued to discuss how Cyprus came to the point of needing aid, saying, “Iceland, Ireland, Cyprus—these three islands—they all got into trouble because they became hubs for international money. And they didn't really have the capitalization opportunity to be able to deal with it.”
At 1:21 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,615.50, Up $8.40.
- Silver, $28.97, Up $0.03.
- Platinum, $1,554.90, Down $26.30.
- Palladium, $731.00, Down $32.90.
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
