Mid-Day Gold & Silver Market Report – 12/30/2013
INVESTORS FLOCKING TO POPULAR STOCK MARKET
Gold and Silver prices remained lower in morning trading. Quantitative Commodity Research owner Peter Fertig said, “What's currently driving investors is the idea that commodities are out of fashion and equities are in demand. And, with low inflation pressures, there is still some downside risk for Gold as long as the stock market remains relatively robust.” With this mindset, many investors seem to be simply following what’s most popular. At this time, with the Dow Jones Industrial Average and the S&P 500 hitting new record highs almost daily, that appears to be the stock market.
Today, however, stocks are mostly flat amid thin trading. Bob Landry, executive director and portfolio manager at USAA Investments, believes 2014 won’t be quite as good of a year for stocks as 2013, but that’s simply because 2013 was so positive it will be hard to match. He believes that stocks will steadily improve throughout the year, barring any “political mistakes” made by lawmakers, or unpredictable, “black swan” type events.
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,206.80, Down $9.70.
- Silver, $19.71, Down $0.40.
- Platinum, $1,368.00, Down $13.40.
- Palladium, $710.60, Down $1.40.
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