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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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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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