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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.

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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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