Closing Gold & Silver Market Report – 6/17/2014

Ted Prince

6/17/2014 4:05:00 PM

INVESTORS AWAIT FED MEETING OUTCOME

Though Gold has rebounded from morning lows, the yellow metal is down as the monthly Federal Open Market Committee meeting began today.  Investors expect the Federal Reserve to stay on schedule and reduce the current pace of monthly quantitative easing by another $10 billion.  “It seems that the Fed will stay on course with tapering, and worries about higher rates are increasing,” Frank McGhee, head dealer at Integrated Brokerage Services LLC, said. “The safe-haven premium because of Iraq is also coming off.”  Without the concern over geopolitical turmoil, there is nothing to influence higher Precious Metal prices in the eyes of some investors.

U.S. equities are trading higher today as investors await the outcome of the Fed’s monthly policy meeting.  “Overall, you’re still in a market environment where the path of least resistance is up,” John Canally, an economic strategist at LPL Financial Corp., said. “Another bump tomorrow could be the FOMC, although the outcome is largely already priced in.”  With expectations firmly established that another asset purchase reduction will be announced, investors will await further news on the economic and geopolitical fronts to gauge the near-term future of U.S. markets. 

At 5 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,273.00, Down $4.30.
• Silver, $19.80, Up $0.02.
• Platinum, $1,444.20, Up $3.10.
• Palladium, $818.30, Up $8.90.

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