Closing Gold & Silver Market Report – 1/6/2014
GOLD STILL SHINES AS AN INSURANCE POLICY FOR INVESTORS
Precious Metals are trading flat at the beginning of the week as investors look ahead for any key economic news approaching. Gold continues to be a positive position for investors as Ross Norman, chief executive officer at Sharps Pixley describes the yellow metal by saying, “In fact, [it’s] the cheapest insurance in town against economic difficulties.” Jeffrey Wright, managing director at H.C. Wainwright LLC, expects upcoming Federal Open Market Committee (FOMC) minutes and this week’s jobs report to pressure Gold. “I am anticipating the FOMC minutes to reveal a larger consensus for tapering of [quantitative easing] in 2014, and expect a further impact in the near term,” Wright said. “Employment numbers could be mixed; with seasonal holiday hiring in this report. So both data points should be negative for gold after release and could take us back towards $1,200.”
According to an industry report today, the U.S. services sector decelerated for the second consecutive month in December as business activity expanded at a slower rate. The Institute for Supply Management reported its services index fell from 53.9 in November to 53 in December. The reading expectation was 54.5 according to a Reuters survey of economists.
At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,239.40, Down $1.70.
- Silver, $20.21, Down $0.05.
- Platinum, $1,419.90, Up $3.70.
- Palladium, $738.80, Up $7.50.
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