Closing Gold & Silver Market Report – 12/31/2013
GOLD, STOCKS CLOSE 2013 IN OPPOSITE DIRECTIONS
Gold and Silver prices will close 2013 approximately 28 percent and 36 percent lower, respectively. This is the first yearly decline for the metals since 2000. Many factors, such as an improving economic climate, record highs in equities, and general fear subsiding have contributed to the drop. Today, prices recovered from early losses around midday, with Gold poised to close slightly higher and Silver slightly lower. The market will pause for the New Year’s Day holiday at 5:15 p.m. (ET) Tuesday, and resume trading Wednesday at 6 p.m. (ET).
Wall Street closed 2013 with record highs. The S&P 500 gained 29.6 percent and the Dow Jones Industrial Average gained 26.5 percent on the year. Matthew Kaufler, portfolio manager at Federated Investors, said, “It's been a great year, if you look at it from what the prevailing sentiment was at the beginning of the year, it has surpassed even the most bullish of predictions. It's the type of year you want to savor, there's been a nice wealth effect that has warmed people's portfolios. Between the rise in the markets as well as the rebound in housing prices, this year went a long way in repairing consumer balance sheets.”
At 5 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,207.60, Up $1.30.
- Silver, $19.54, Down $0.15.
- Platinum, $1,375.00, Up $5.80.
- Palladium, $716.10, Up $5.40.
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