Markets Await Fed Direction: Morning Market Update Nov 12 - Gainesville Coins News
No Minimum order! We accept Pay with Credit Card
Call Us: (813) 482-9300 Mon-Fri 9:00AM-6:00PM EST
Login or Register
Log into your account
About Gainesville Coins ®
Billions Of Dollars Bought And Sold A+ BBB Rating 10+ Years No Hidden Fees Or Commissions All Inventory Ships Directly From Our Vault

Markets Await Fed Direction: Morning Market Update Nov 12

blog | Published On by
Markets Await Fed Direction: Morning Market Update Nov 12


Gold and silver edged higher in choppy trade overnight, after gold dipped to a three-week low for a moment in Chinese trade. A short-covering spike for both occurred at the New York open. Silver was better able to hold on to the gains than gold was. Platinum was mostly flat overnight, while palladium, which has been outperforming the other precious metals was hit with a large amount of profit taking at the New York open.

The major policy meeting of the Chinese Communist Party ended with plans for economic reforms, including a promise to let market forces have more of a say in the nation's semi-planned economy. Mainland Chinese banks fell on the Hang Seng exchange, as more scrutiny over the "gray market" in commercial loans is promised. A weaker yen helped boost exporters on the Nikkei exchange, as Tokyo saw the index shoot up 2.2%.

European stocks were off five-year highs, as recent earnings have disappointed, and traders felt it was time to take some of the recent profits.

The dollar saw large gains in European trading, but eased late and gave it all back by early New York time. Wall St. opened lower after the Dow hit another all-time high yesterday. The 10-year Treasury yield climbed to 2.77% after bond markets were closed yesterday for the Veterans Day holiday. Wall St. is a bit antsy to start booking profits for the year end, after Dallas Fed Chairman Richard Fisher opined yesterday that "this program can't go on forever", speaking about the Fed's $85 billion a month in bond and mortgage-backed securities purchases.

Two more Fed officials, Atlanta Fed President Dennis Lockhart and Minneapolis Fed President Narayana Kocherlakota, are scheduled to speak today, while outgoing Fed Chairman Ben Bernanke will speak tomorrow. Absent an unexpected events, these speeches will be the top market drivers for the next few days.

by Steven Cochran

Gainesville Coins Portfolio Tracker and Financial News

This site uses cookies for analytics and to deliver personalized content. By continuing to browse our site, you agree that you have read and understand our Privacy Policy.