Precious Metals prices are down overall this morning, with gold and silver hovering around one percent lower. Markets are still reacting to yesterday’s testimony to the U.S.A. Senate Banking Committee by Federal Reserve Chairman Ben Bernanke, who did not give a clear sign that another round of quantitative easing was likely. David Lennox of Fat Prophets said, “The market was living in hope that he might say a little more than he did.” The closest Bernanke came to saying anything of note on the topic was that the Fed is “looking for ways to address the weakness in the economy should more action be needed to promote a sustained recovery in the labor market.”
Though there is no official word that more easing will happen, Goldman Sachs said in a recent report that there is a strong possibility it could happen later this year. Goldman Sachs economist Andrew Tilton said, “While we think that a modest easing step is a strong possibility at the August or September meeting, we suspect that a large move is more likely to come after the election or in early 2013, barring rapid further deteriorating in the already-cautions near-term Fed economic outlook.”
American stock futures are down as well this morning. Bernanke is scheduled to continue his testimony today, though consensus is that it will draw less interest from the markets. Housing starts rose to the highest level since October 2008, though the news wasn’t enough to turn around the loss in stock futures.
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold – $1,571.60 – Down $19.40.
- Silver – $27.07 – Down $0.33.
- Platinum – $1,407.50 – Down $13.20.
- Palladium – $579.00 – Down $5.40.
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