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METALS DIP ON FED REPORT; RON PAUL EVALUATES GOLD
Precious Metals prices began to fall today after U.S. Federal Reserve Chairman Ben Bernanke announced the probability of reducing asset purchasing by the end of 2013 and completely ending it in 2014. Bernanke made it clear, however, that how the economy performs will determine how the Fed will proceed, stating, “If you draw the conclusion that I've just said that our purchases will end in the middle of next year, you've drawn the wrong conclusion, because our purchases are tied to what happens in the economy.” The market is still in limbo as investors are aware of the Fed’s fiscal plans, but they’re not certain of the exact timeframe. “We pretty much have a Fed statement and summary of economic projections that leave us believing what we believed yesterday, which is the Fed is going to taper at some point, maybe at the end of this year, maybe in 2014," Lazard Capital Markets’ managing director Art Hogan said.
As quantitative easing has become the norm for the U.S., investors have concluded that the dollar will continue to devalue as more is printed and pushed into the economy. When the dollar becomes less valuable, more is required to purchase an ounce of Gold. Former congressman and presidential candidate Ron Paul has a confident forecast for Gold, saying, “as long as we have excessive spending, and excessive computerized money, we are going to see Gold go up." He added, "Six thousand years of history shows that Gold always retains value and paper always self-destructs."
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,352.50, Down $16.40.
- Silver, $21.45, Down $0.35.
- Platinum, $1,417.50, Down $24.60.
- Palladium, $694.40, Down $13.90.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 7 p.m. (CDT)! Or call us Fridays until 5 p.m. (CDT)! If you have any questions about investing in precious metals or simply would prefer to place your order by telephone, we are here to help
METALS DIP ON FED REPORT; RON PAUL EVALUATES GOLD
Precious Metals prices began to fall today after U.S. Federal Reserve Chairman Ben Bernanke announced the probability of reducing asset purchasing by the end of 2013 and completely ending it in 2014. Bernanke made it clear, however, that how the economy performs will determine how the Fed will proceed, stating, “If you draw the conclusion that I've just said that our purchases will end in the middle of next year, you've drawn the wrong conclusion, because our purchases are tied to what happens in the economy.” The market is still in limbo as investors are aware of the Fed’s fiscal plans, but they’re not certain of the exact timeframe. “We pretty much have a Fed statement and summary of economic projections that leave us believing what we believed yesterday, which is the Fed is going to taper at some point, maybe at the end of this year, maybe in 2014," Lazard Capital Markets’ managing director Art Hogan said.
As quantitative easing has become the norm for the U.S., investors have concluded that the dollar will continue to devalue as more is printed and pushed into the economy. When the dollar becomes less valuable, more is required to purchase an ounce of Gold. Former congressman and presidential candidate Ron Paul has a confident forecast for Gold, saying, “as long as we have excessive spending, and excessive computerized money, we are going to see Gold go up." He added, "Six thousand years of history shows that Gold always retains value and paper always self-destructs."
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,352.50, Down $16.40.
- Silver, $21.45, Down $0.35.
- Platinum, $1,417.50, Down $24.60.
- Palladium, $694.40, Down $13.90.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 7 p.m. (CDT)! Or call us Fridays until 5 p.m. (CDT)! If you have any questions about investing in precious metals or simply would prefer to place your order by telephone, we are here to help
METALS, STOCKS AWAIT FED ANNOUNCEMENT
Gold and Silver prices have held firm in morning trading ahead of the U.S. Federal Reserve’s policy statement due this afternoon. Saxo Bank Vice President Ole Hansen said, “Bottom line, we expect no tapering [of quantitative easing] on the basis that current economic data don't support such a move. But the Fed is now responsible for market regulation and stability, and the sell-off in bonds over the past months may have rattled them a bit.” VTB Capital also noted that hints at a gradual time frame for QE tapering would give strong insight to currency and Precious Metals markets.
Stocks fell in morning trading, and Randy Frederick of Charles Schwab said, “My expectation is we will sit in a sideways holding pattern until the Fed announcement. They’ll probably be the typical knee-jerk reaction when it happens, and if there’s something unexpected, it could go sharply in one direction and then immediately reverse in the other direction.” The Fed announcement is due at 2 p.m. (EDT).
At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,374.90, Up $6.00.
- Silver, $21.76, Down $0.04.
- Platinum, $1,426.50, Down $15.60.
- Palladium, $696.70, Down $11.70.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 7 p.m. (CDT)! Or call us Fridays until 5 p.m. (CDT)! If you have any questions about investing in precious metals or simply would prefer to place your order by telephone, we are here to help.