"I told you yesterday, that I thought the FOMC (Federal Open Market Committee) meeting minutes would put to bed all the naysayers thoughts that the FOMC was not going to implement a new round of quantitative easing ... and that's exactly what happened, " EverBank World Markets president Chuck Butler said in a daily newsletter. The evening before, Butler was puzzled that gold was not moving higher subsequent to the minutes; but that was promptly erased. "It was puzzling to me then, but not now... the timing was so late in the trading day that many a book had been squared. But once Asia saw the FOMC news, the selling of the dollar began in earnest and dollar weakness is just what the doctor ordered for a stronger gold price." New York spot gold prices were rising by $19.80, or 1.5%, to $1,370.30 an ounce Wednesday.
NEW YORK (TheStreet) -- New York spot gold prices were rebounding after second guessers of fresh quantitative easing by the Fed were reassured -- following the release of minutes from the Fed Reserve's September policy-setting meeting -- that it would likely happen sooner than later.
New York spot silver prices were popping by 60 cents, or 2.6%, to $23.91.
New York spot platinum prices were adding $29, or 1.7%, to $1,705 an ounce, while its sister metal gaining ground.
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New York spot palladium prices were gaining $12, or 2.1%, to $593 an ounce. A handful of mining stocks trading were advancing Wednesday afternoon. Mining stocks offer another form of exposure to precious metals. Kinross Gold ( KGC) was rising by 4.3% to $19.73, while Freeport-McMoRan Copper ( FCX - Get Report) was gaining 4.2% to $99.15. Pan American Silver ( PAAS - Get Report) was jumping by 5.2% to $31.06 and Stillwater Mining ( SWC) was rising by 3.9% to $18.08. Meanwhile North American Palladium ( PAL) was advancing by 5% to $4.64. -- Written by Andrea Tse in New York. >To contact the writer of this article, click here: Andrea Tse. >To follow the writer on Twitter, go to Andrea Tse. >To submit a news tip, send an email to: email@example.com.