Closing Gold & Silver Market Report – 12/30/2013
METALS REACT TO ECONOMIC DATA; JOB MARKET EXPECTS RECOVERY IN 2014
Precious Metals are trading lower today on positive U.S. economic data as the year comes to an end. Both Gold and Silver have had a difficult time finding much needed price support with the evolving economy and the Federal Reserve’s announcement of its plan to taper fiscal policy. According to the National Association of Realtors, pending sales of new homes increased in November for the first time in six months, which assisted in lowering Precious Metals prices for the day.
Good news is ahead for unemployed Americans looking for a stronger job market with higher quality roles. "If we could maintain a 3 percent–plus pace next year … I'm thinking so far we have in the second half of this year … then yes, jobs prospects for everyone should improve," Joseph LaVorgna, managing director and chief U.S. economist at Deutsche Bank Securities, said. After November’s jobs report, a total of 2.1 million jobs were added in 2013, though the majority were in relatively low-wage sectors. "If we do see stronger manufacturing conditions, if we do see a stronger housing market, exports, that suggests … we see the types of jobs shifting from these low-paid part-time jobs that characterized the economy for the past couple of years into the better-quality, full-time jobs," Sophia Koropeckyj, managing director for Moody’s Analytics, said.
At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,198.50, Down $18.00.
- Silver, $19.62, Down $0.49.
- Platinum, $1,363.80, Down $17.60.
- Palladium, $709.10, Down $2.90.
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