Silver Spot Price Up as Concerns of QE Tapering Ease

on Aug 26, 2013
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iNVEZZ.com Monday, August 26th: Silver spot price today rallied above $24 an ounce, following the announcement of a 13.4 percent slump in new home sales in the U.S. in July. The data, announced last Friday, has dampened speculation that the Fed will start scaling back its commodities-friendly quantitative easing programme from next month.

Minutes of the Fed’s July meeting were published last week, revealing that policy makers largely agreed with Chairman Bernanke that the Fed should begin decreasing bond purchases soon as the US economy improves. The drop in U.S. home sales, however, may delay the start of tapering. The next policy meeting of the Fed is scheduled for September 17-18.

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Silver Spot Price: Above the $23 Benchmark Silver Price Watch: Holding Above $23 after Fed Minutes Release

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Following these developments, December silver futures closed 3.05 percent higher at $23.78 an ounce on Friday on the Comex division of the New York Mercantile Exchange. Today during the European morning trading their price was 1.3 percent higher at $24.09.

Both gold and silver ended last week higher and investors hope the upward trend will hold this week as well. After hitting a three-year low of $18.19 on June 28, the silver price has gained 25 percent. So far in August silver has gained about 19.5 percent.
Asian markets additionally support the silver price through increased industrial demand for the metal.

Silver spot price was at $24.20 an ounce as of 14.51 BST after gaining 2.2 percent to a day’s high of $24.33 an ounce, the highest level since May 6.
!m[Silver above $24, Platinum Price Dips ](/uploads/story/5087/thumbs/pic1_inline.jpg)
Any new data indicating improvement in the U.S. economy is likely to boost the view that the Fed is going to start tapering its bond-buying programme soon.

**Platinum**
Platinum today fell to $1,534.62 an ounce, a 0.4 percent decrease, after closing at $1,541.60 on Friday.
The platinum spot price was at $1,537.49 per troy ounce as of 14.51 BST.

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Silver Spot Price: Above the $23 Benchmark Silver Price Watch: Holding Above $23 after Fed Minutes Release

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http://nvz.bz/1cgTHzN

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