Mid-Day Gold & Silver Market Report – 12/16/2013
Ryan Schwimmer
12/16/2013 12:09:46 PM
GOLD, SILVER SURGE AHEAD OF FED MEETING
Gold and Silver prices surged in morning trading, with Gold adding nearly one percent and Silver adding nearly three percent. Prices were helped by short-covering before the Federal Reserve’s meeting. Comments from European Central Bank President Mario Draghi, who announced that the eurozone’s easy monetary policy will continue for the foreseeable future, also played a role in the boost of Gold Metals prices.
With all eyes on the Fed and their announcement to taper its quantitative easing program at its policy meeting later this week, CitiGroup’s Robert DiClemente found an historical pattern that may comfort markets for a short time. His research showed that the Fed hasn’t begun less-easy policies at the end of the year in the past 40 years. During that time period, all implementations have been in the first or second quarter.
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,247.20, Up $10.10.
- Silver, $20.15, Up $0.50.
- Platinum, $1,364.10, Down $1.80.
- Palladium, $717.40, Up $1.20.
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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
