Morning Gold & Silver Market Report – 12/18/2013
Ryan Schwimmer
12/18/2013 8:08:50 AM
ALL EYES ON AFTERNOON FED ANNOUNCEMENT
Gold is trading mostly flat while Silver is trading slightly higher in morning trading. All eyes are looking toward the Federal Reserve’s policy decision at the close of its meeting at 2 p.m. (ET) this afternoon and the news conference which will follow. On the possibility of tapering the Fed’s bond-buying program, Sharps Pixley CEO Ross Norman said, “Tapering has been like the sword of Damocles holding above Gold's head for so long now. Once it is behind us, we will have some certainty over what will come. Ultimately what will determine Gold's direction in the immediate aftermath of the announcement will be the U.S. dollar, and how it responds. Normally the Gold market would have quietened down at this time of year, but you feel that Gold is holding on for this last hurrah.”
U.S. stock futures are pointing to a higher open for Wall Street ahead of the Fed’s announcement. It seems that the majority of economists and others polled by Bank of America Merrill Lynch now believe March is the most likely time for tapering to begin, with only 11 percent of respondents expecting an announcement today. Philip Shaw, chief economist at Investec Securities, said, “Our judgment is that the Fed is satisfied with the way the economy has panned out to taper its [quantitative easing] program over the next three months. However, there are questions specifically about the performance of the housing market, which could stay its hand today.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,234.60, Up $2.00.
- Silver, $19.97, Up $0.09.
- Platinum, $1,354.10, Up $6.50.
- Palladium, $708.30, Up $7.30.
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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
