Closing Gold & Silver Market Report – 12/26/2013
PRECIOUS METALS REBOUND AFTER HOLIDAY
Precious Metals have continued to trade higher through the afternoon. Although Gold is on track to end its 13 year streak of rising prices, many believe its price in 2014 will be influenced by the performance of equities markets. Precious Metals expert Jeffrey Nichols, publisher of NicholsOnGold.com, said, “Thin trading conditions in Western markets meant that a rebound in physical demand from Asia has helped Gold recover slightly after futures previously dipped below the $1,200 an ounce level. If equity prices remain firm, it will be negative for Gold, while a sharp correction would be a positive for the yellow metal.”
U.S. Treasury yields climbed to their two year high of 3 percent. With the Federal Reserve’s recent announcement it will begin to taper its quantitative easing program, investors are beginning to worry about interest rates rising in 2014. Jack Ablin, chief investment officer at BMO Private Bank, said “The question is, can the stock market overcome that head wind, or the battle between accelerating top-line growth and accelerating interest rates.”
At 5:20 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,212.80, Up $7.00.
- Silver, $19.84, Up $0.30.
- Platinum, $1,363.30, Up $24.20.
- Palladium, $700.60, Up $5.20.
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