Morning Gold & Silver Market Report – 5/14/2013

Ryan Schwimmer

5/14/2013 8:00:00 AM

GOLD, SILVER TRADE AGAINST THE DOLLAR

Gold and Silver are trading lower this morning as a reaction to the U.S. dollar’s strength against the euro.  Referring to yesterday’s surprisingly strong retail sales data, Saxo Bank senior manager Ole Hansen said, “Any sign of strength in the U.S. data is likely to create headwinds at the moment, that will be one of things to look out for as this is having an impact on the dollar as well.”

U.S. stock futures are flat in morning trading as Philadelphia Fed President Charles Plosser shed light on the Federal Reserve’s exit strategy from quantitative easing.  Plosser said, “A precursor to an exit must be to slow and then halt the continued expansion of the balance sheet. This would not necessarily indicate that increases in the policy rate were imminent. Rather, it would indicate that efforts to increase accommodation were coming to a close.”

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

• Gold, $1,424.10, Down $12.70.
• Silver, $23.24, Down $0.55.
• Platinum, $1,489.40, Up $3.40.
• Palladium, $713.00, Down $7.70.

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