Morning Gold & Silver Market Report – 11/27/2013
Ryan Schwimmer
11/27/2013 8:15:51 AM
GOLD UP ON MIXED DATA
Gold held on to gains this morning after economic data was released. Though weekly jobless claims unexpectedly declined, durable-goods orders dropped by 2 percent in October. Most analysts didn’t expect much movement the day before the Thanksgiving holiday. Societe Generale analyst Robin Bhar said, “I wouldn't expect much happening with Thanksgiving tomorrow … but, if the data today comes in positive, there is always the question of whether the [Federal Reserve] could move to announce [quantitative easing] tapering in December or January.”
The final minutes of trading Tuesday saw stocks lose out on some gains. Most economists aren’t putting much stock into the late movement, as Stephen Guilfoyle, chief economist at Sarge986.com said, “Perhaps there was some conviction in the late-day selloff, or perhaps some traders closed out their positions today (Tuesday) and we’ll see them again on Monday.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,252.90, Up $9.00.
- Silver, $19.99, Up $0.09.
- Platinum, $1,377.70, Up $4.80.
- Palladium, $723.80, Up $6.00.
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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
