Mid-Day Gold & Silver Market Report – 1/2/2014
PHYSICAL BUYERS IN ASIA BUY DIPS, BOOSTS GOLD
Increased demand for physical Gold has given the metal its largest single session boost in three weeks today. Expectations that Asian buyers of Gold bars and jewelry will continue displaying strong physical demand have been the motivator of today’s higher prices. “We do see physical demand from Asia continuing to emerge, and India partly easing restriction will also increase demand,” Steve Scacalossi, vice president at TD Securities Inc., said. “The market is looking to buy dips now.” Gold bugs hope the first trading day since the inception of the new year will be a sign of things to come as the long shadow cast by Gold’s first annual drop since 2000 remains ever present.
Following its greatest year of gains since 1997, the S&P 500 has begun 2014 trading lower as investors expect upcoming market corrections. “More people seem to be wary, as we are, of potential corrections as markets get overexcited,” Oliver Wallin, investment director at Octopus Investments Ltd., said. “The question is just when to time it. A lot of people are willing to continue in this rally but are nervous at the same time. We’ve got one eye on the exit but we know there is money to be made in the short term.” Equities investors will continue to view global economic growth and monetary easing measures as the central factors influencing this year’s performance among key market indicators.
At 1:01 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,226.30, Up $21.50.
- Silver, $20.14, Up $0.72.
- Platinum, $1,405.10, Up $29.30.
- Palladium, $730.90, Up $12.60.
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