Morning Gold & Silver Market Report – 12/19/2013
Ryan Schwimmer
12/19/2013 8:06:51 AM
TAPERING NEWS SINKS IN; JOBLESS CLAIMS AT 9-MONTH HIGH
Gold and Silver prices tumbled in overnight trading, with the Gold price nearing $1,200 per ounce. After initially turning positive, it appears the Federal Reserve’s tapering announcement is catching up to investors. The World Gold Council’s William Rhind said yesterday, “Today’s announcement from the Fed is a welcome reflection of improved economic conditions in the U.S. We believe market participants will refocus on the underlying fundamentals of supply and demand, which remain positive.”
U.S. stock futures are also lower in premarket trade as tapering sunk in and a fresh jobless claims report was released. The report revealed the highest number of new claims filed since March, with an increase of more than 70,000 in the past three weeks alone. Henrik Drusebjerg, strategist at Nordea Bank, said, “Just seeing the (tapering) news being accepted is pretty positive. I think investors will turn their focus to any kind of data that can tell us how strong growth will be in 2014. That will be extremely important.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,206.50, Down $31.00.
- Silver, $19.31, Down $0.81.
- Platinum, $1,321.40, Down $24.30.
- Palladium, $699.50, Up $0.10.
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
