Morning Gold & Silver Market Report – 3/20/2013

Ryan Schwimmer

3/20/2013 8:07:00 AM

FED STATEMENT DUE THIS AFTERNOON; CYPRUS’ ECONOMIC FUTURE IN QUESTION

Gold and Silver prices are mostly flat again today, though Gold appears to be holding at the key $1,600 level. Stock futures are gaining this morning as investors look to the Federal Open Market Committee statement expected this afternoon. Many experts do not expect a major financial policy change. Deutsche Bank strategists said in a note that Federal Reserve Chairman Ben Bernanke and Vice Chair Janet Yellen “have been clear in recent commentary that the improvement in the labor market to date falls far short of what they will need to see before reducing monetary policy accommodation.”

Cyprus’ parliament rejected a bailout deal to tax bank deposits in the troubled country. Societe Generale Economist Anatoli Annenkov believes there are five possible scenarios for what happens next in Cyprus. These scenarios range from the country finding another way to raise the 5.8 billion euros that the tax would have raised (possibly from Russia) to Cyprus exiting the euro, which is the least likely scenario.

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

• Gold, $1,609.60, Down $4.00.
• Silver, $28.90, Down $0.02.
• Platinum, $1,570.60, Up $13.20.
• Palladium, $747.80, Up $13.60.

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