Mid-Day Gold & Silver Market Report – 1/6/2014
FLASH CRASH SEES GOLD DROP $30
Precious Metals continue to trade flat after a brief “flash crash” earlier this morning. A large trade of about 4,200 contracts were dumped just after 10 a.m. (ET), causing the Gold price to tumble by $30 per ounce before recovering almost immediately. Ross Norman, chief executive officer at Sharps Pixley, said that the trade “looks to be shorts defending their substantial positions.”
A study by two Harvard economists says that the American economy is doing reasonably well, but only when you consider what an economy would normally look like after a major financial crisis. Considering nine major financial crises in the country, and with certain adjustments, the average decline in gross domestic product is about nine percent, with a recovery time of nearly seven years. The crisis of 2009 showed a five percent drop with a six-year recovery.
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,243.00, Up $1.90.
- Silver, $20.19, Down $0.07.
- Platinum, $1,418.40, Up $2.20.
- Palladium, $738.10, Up $6.90.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.