Closing Gold & Silver Market Report – 1/2/2014
PRECIOUS METALS START THE NEW YEAR STRONG
As trading ended on this first day of the new year, prices were up for all four Precious Metals, with Gold experiencing an increase above $20 and Platinum seeing an increase of more than $28. Reports of bargain hunting by physical buyers (particularly those in China) helped drive prices higher. Naeem Aslam, chief market analyst with AvaTrade, said, “Physical demand for Gold is unquestionably supporting Gold which had experienced heavy losses last year."
In contrast to Precious Metals, stocks in the U.S. took a sharp drop during trading, resulting in the first negative start to a year for Wall Street since 2008. The S&P 500 ended the day over 16 points, the Dow lost over 135 points, and the Nasdaq dropped over 33 points. According to Key Private Bank’s chief investment strategist Bruce McCain, “I think the big issue is just how long investor enthusiasm lasts. It has certainly raced ahead of the fundamentals. The trend in the data really isn't the problem, they suggest we're getting some improvement in the fundamentals. But the markets have been superlative, and you can only keep that up for so long.”
At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,224.90, Up $20.10.
- Silver, $20.05, Up $0.63.
- Platinum, $1,403.90, Up $28.10.
- Palladium, $730.50, Up $12.30.
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