Morning Gold & Silver Market Report - 11/14/2013

FED CHAIR NOMINEE YELLEN DOVISH IN PREPARED STATEMENT

Precious Metals prices jumped last night after Federal Reserve chair nominee Janet Yellen's prepared statement was released. Regarding the economy, Yellen said, ''We have made good progress, but we have farther to go to regain the ground lost in the crisis and the recession. Unemployment is down from a peak of 10 percent, but at 7.3 percent in October, it is still too high, reflecting a labor market and economy performing far short of their potential. ....... A strong recovery will ultimately enable the Fed to reduce its monetary accommodation and reliance on unconventional policy tools such as asset purchases. I believe that supporting the recovery today is the surest path to returning to a more normal approach to monetary policy.''

Jobless claims, by end of week Nov. 9,  fell by a less-than-expected amount  according to the U.S. Labor Department's weekly report. Precious Metals prices remained higher, and U.S. stock futures added to gains after the report?s release. Economic data will continue to be scrutinized as investors look everywhere for clues as to when QE tapering will begin.

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,284.30, Up $13.90.
• Silver, $20.73, Up $0.24.

Gold Spikes-USD Dumps On Yellenomics

Closing Gold & Silver Market Report  - 11/13/2013

• Gold, $1,283.00, Up $9.80.
• Silver, $20.65, Down $0.18.

Morning gold & Silver Market Report - 11/13/2013

FINANCIAL UNCERTAINTY CAUSES SHAKY TRADING

The Gold price rose slightly in overnight trading after U.S. Federal Reserve officials eased off quantitative easing tapering talks. Many investors are still awaiting Fed president nominee Janet Yellen's  testimony before the Senate on Thursday. Societe Generale analyst Robin Bhar said, ''Investors are trying to assess the message of the Fed speakers to see if that is bullion-friendly. Gold has fallen so much that this is only a corrective bounce. We have to see what Yellen says tomorrow and how the U.S. data comes in over the next few weeks as to what that means for the Fed.''

U.S. stock futures fell in overnight trading on largely the same news.  Lack of clear direction appears to be affecting markets, as Hedgeye Risk Management chief executive officer Keith McCullough wrote, ''I think there?s massive confusion right now about Fed policy, and that?s whipping people around day to day.'' Global markets also fell after Chinese leaders failed to give clear direction in their country. Alex Conroy, financial sales trader at Spreadex, said, ''The failure of Chinese leaders to address steps to curb the state dominance of the economy and vagueness over financial reform has investors spooked.''

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,280.20, Up $7.00.
• Silver, $20.84, Up $0.01.

Closing Gold & Silver Market Report  -- 11/12/2013

• Gold, $1,268.00, Down $15.10.
• Silver, $20.74, Down $0.60.

Morning Gold & Silver Market Report - 11/12/2013

TAPERING EXPECTATIONS RISE AS FED OFFICIALS SPEAK

Expectations that the U.S. Federal Reserve will begin to taper its quantitative easing program soon  have pressured the Gold price to a 3-1/2 week low. Tapering is seen as bullish for the U.S. dollar. ''Gold's inverse relation versus the dollar seems to be at its strongest when there is no other macro or fundamental driver for the market,'' Macquarie analyst Matthew Turner said. Many analysts see this trend continuing until there is a clear signal from the Fed as to when tapering will begin.

U.S. stock futures are flat alongside Gold in morning trading.  Tapering talk isn't just affecting Gold?s price, as it is also the focal point for stock investors as well. Dallas Fed President Richard Fisher said, ''I understand there?s sensitivity, but markets should also bear in mind that this program cannot go on forever. Our balance sheet has become bloated, and at some point we will have to taper back on the pace of purchases, but that doesn't mean we?ll stop. We'll have less accommodation.'' Many investors are looking forward to Thursday, when President Barack Obama?s nomination for the next U.S. Fed President Janet Yellen will speak.

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,283.30, Up $0.20.
• Silver, $21.25, Down $0.09.

Closing Gold & Silver Market Report  - 11/11/2013

• Gold, $1,283.10, Down $3.50.
• Silver, $21.39, Up $0.03

Morning Gold & Silver Market Report ? 11/8/2013

GOLD FLAT FOLLOWING FRIDAY SELLOFF

Gold is trading at even levels  Monday morning following a significant price dip Friday on surprisingly upbeat employment data.  As anxious traders and investors await clear signs regarding the future of U.S. monetary policy, positive jobs data fuels speculation that the Federal Reserve will soon begin tapering its monthly asset purchase program, a negative factor for Gold.  Following Friday's selloff when Gold sank below $1,300 per ounce, no new economic reports are expected to reveal anything that could considerably impact metals.   ''This week is data-empty and it will be a question of working out if there is a follow-through to the reaction that we saw last week and whether bond yields continue to climb, and assess how the market looks at tapering.''

U.S. stock futures are also flat this morning  as markets await earnings reports.  Domestic stocks have realized their longest streak of weekly gains since February.   ''The main focus for the market is going to remain on the economy and if that feeds through to company earnings,'' Alison Porter, U.S. equities fund manager at Ignis Asset Management, said.  Corporate earnings will be of short-term importance to investors this week.  However, stimulus tapering measures remain the overall focus to Gold and stock investors alike as analysts predict tapering to be delayed until the second quarter of 2014. 

At 4:34 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,284.40, Down $2.20.
• Silver, $21.41, Up $0.04.

Weekly Gold & Silver Market Recap - 11/8/2013

POTENTIAL ECB STIMULUS PUSHES GOLD HIGHER

Loose monetary policy remained the focus of Gold traders at the beginning of the week as rumors surrounding possible  monetary easing measures in the eurozone helped lift the yellow metal on Monday. The news that the European Central Bank (ECB) might begin its own stimulus program arrives on the heels of speculation that the Federal Reserve could initiate tapering measures as early as December. ''The (U.S.) central bank is keeping markets guessing. Now December is back on the agenda,'' Societe Generale analyst Robin Bhar said. ''I think it's unlikely, but the Fed statement and thinking suggests they haven't completely ruled that one out. That's really impacting the market, as well as the turnaround in the euro/dollar.'' As equities markets continued to notch record levels, short'term ETF traders remained bullish on Gold leaving physical buyers to await new direction on central the bank monetary policy.

GOLD ACTIVIST PREDICTS $2,000 PER OUNCE

Gold bug and Euro Pacific Capital chief executive officer Peter Schiff remains overly optimistic for the yellow metal, predicting that Gold will soar to $2,000 an ounce within a year. He added that he would ''be amazed'' if the dollar didn't collapse before President Barack Obama?s departure from the White House in 2017. ''I'm waiting for the dollar crash,  I'm waiting for the real crisis to hit that I know will benefit Gold,'' Schiff said. ?The longer it takes, the longer I have to wait for that payday. But the longer it takes, the bigger that payday is going to be.''

MARKETS LITTLE CHANGED INVESTORS AWAIT QE TAPERING SIGNS

The  Gold price fell slightly Tuesday  to reach a two-week low as U.S. service industries grew fast enough to influence Federal Reserve officials to potentially begin tapering its quantitative easing measures. ''The better-than-expected ISM number increases speculation whether tapering will begin in December or not,'' R.J. O?Brien & Associates senior commodity broker Phil Streible said. Strength in the U.S. dollar versus other leading world currencies along with bearish sentiment among short-term investors continues to put pressure on Precious Metals prices.

DOLLAR WEAKENS ON ONGOING STIMULUS BETS

Gold jumped on Wednesday as a  weaker U.S. dollar helped curb the metal's recent losing streak. Expectations that the U.S. Federal Reserve will continue its quantitative easing program well into 2014 has put pressure on the dollar and helped boost Precious Metals prices. ''The relative weakening of the dollar is giving some support today but... if the non-farm payrolls come in better than expected on Friday, then we could see gold lose that support,'' Mitsubishi analyst Jonathan Butler said. Economic reports, such as the non-farm payroll numbers, are being closely examined as prime indicators of forthcoming Fed monetary policy. Upbeat data could influence Fed officials to begin scaling back pro-gold stimulus measures.

DATA BOOSTS DOLLAR, PRESSURES GOLD

On Thursday a flurry of economic news caused the U.S. dollar to strengthen against the euro, in turn causing Precious Metals prices to fall. The fact that new jobless claims fell less than expected  wasn't enough to offset other news, even though the level of claims is still higher than end-of-summer levels, which suggests a weakening labor market. The U.S. gross domestic product  rose by 2.8 percent in the third quarter, which is the biggest increase in 18 months. The dollar?s largest boost, however, came from the eurozone. The European Central Bank announced that  it would cut its interest rate  to a record low 0.25 percent, a move which brought the euro down against the dollar.

Some analysts suggested Friday's U.S. nonfarm payrolls report would be a  major factor in the Gold price?s movement. Credit Suisse analyst Karim Cherif said, ''A negative footprint would re-launch a discussion on when Fed tapering will start.'' Saxo Bank's Ole Hansen pointed out that quantitative easing measured across the world appears to be more important to the Gold price than the dollar's strength. He said, ''We now have easing bias in all of the three major centers (Japan, Europe and the United States) and that could further delay any talk of tapering in the U.S., hence the support for Gold.''

CRUDE OIL PRICES DOWN

Oil prices hit a four month low on Thursday while U.S. and foreign stocks also struggled. Speculation that the Federal Reserve may begin to taper its quantitative easing program earlier than anticipated along with ECB's continued struggles are beginning to affect the market. ''This morning's GDP report sent the dollar surging, and anything commodity-based that was dollar-related just turned and headed south,'' Windham Financial Services chief investment strategist Paul Mendelsohn said. ''That just rolled over into the rest of the (stock) market.''

NONFARM PAYROLLS SURPRISE

The U.S. nonfarm payrolls report shocked economists Friday morning as it showed 204,000 jobs added in October.  Expectations were relatively low for the jobs report, as many expected the government shutdown in October to negatively affect hiring that month. Precious Metals prices and U.S. stock futures turned negative after the report?s release, as positive economic news could lead to tapering of the U.S. Federal Reserve?s highly-accommodative quantitative easing program. Meanwhile, the unemployment rate rose 0.1 percent, and the Fed has heavily weighed that figure in the past.

PRECIOUS METALS PRICES PRESSURED WITH STRONGER U.S. DOLLAR

The Gold price headed for a second-straight week of losses,  even after news that the European Central Bank was further loosening monetary policy. One thing hurting the Gold price is that the U.S. dollar is nearing a seven-week high. VTB Capital analyst Andrey Kryuchenkov said, ''The market is today trying to consolidate and ... we will probably hold here with support at $1,300 [per ounce] and then $1,270 [per ounce].''

At 4:34 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,289.80, Down $20.70.
• Silver, $21.54, Down $0.17.

Mid-Day Gold & Silver Market Report - 11/8/2013

METALS DIVE ON DATA, QE SPECULATION

Precious Metals prices continued their downward trend through mid-day trading.  A stronger-than-expected  jobs report fueled speculation that the U.S. Federal Reserve  would begin to taper its quantitative easing program before year?s end.  GFT Markets technical analyst Fawad Razaqzada said, ''The numbers absolutely blew past expectations. After yesterday?s surprisingly strong U.S. GDP figure, this has strengthened the argument for the Fed to reduce stimulus before the end of this year. And because of that reason, Gold prices have plunged today.''

U.S. consumer sentiment dipped to a near two-year low in November.  Lingering negative views of the government and consumer fears of job prospects and financial outlooks were key factors. Richard Curtin, survey director for the Thomson Reuters/University of Michigan consumer sentiment report, said, ''Following the end of the shutdown, consumers were somewhat more optimistic about the outlook for the economy, but thus far the rebound has been lackluster.''

At 3:07 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,287.90, Down $22.60.
• Silver, $21.50, Down $0.21.

Morning Gold & Silver Market Report - 11/8/2013

NONFARM PAYROLLS SURPRISE UNEMPLOYMENT RISES

The U.S. nonfarm payrolls report shocked economists as it showed 204,000 jobs added in October.  Expectations were relatively low for the jobs report, as many expected the government shutdown in October to negatively affect hiring that month. Precious Metals prices and U.S. stock futures turned negative after the report's release, as positive economic news could lead to tapering of the U.S. Federal Reserve?s highly-accommodative quantitative easing program. Meanwhile, the unemployment rate rose 0.1 percent, and the Fed has heavily weighed that figure in the past.

The Gold price is headed for a second-straight week of losses,  even after news that the European Central Bank was further loosening monetary policy. One thing hurting the Gold price is that the U.S. dollar is nearing a seven-week high. VTB Capital analyst Andrey Kryuchenkov said, ''The market is today trying to consolidate and ? we will probably hold here with support at $1,300 [per ounce] and then $1,270 [per ounce].''

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,295.90, Down $14.60.
• Silver, $21.54, Down $0.17.

Closing Gold & Silver Market Report  -- 11/7/2013

• Gold, $1,309.90, Down $10.60.
• Silver, $21.71, Down $0.11.