Closing Gold & Silver Market Report – 1/7/2014
QUANTITATIVE EASING STILL CENTRAL INVESTOR FOCUS
Gold took its largest dip in a week Tuesday as investors prepare for Wednesday’s release of the minutes from the Federal Reserve’s December policy meeting. “People want to know how serious the Fed is about easing, and tomorrow more details will come out,” TD Securities head of commodity strategy Bart Melek said. Anticipation that reduced stimulus measures will positively impact the dollar has put pressure on Precious Metals prices. Following last week’s short-covering rally, Gold looks for a foundation as an improved economic outlook weighs heavily on the metal.
U.S. stocks reversed a three-day losing streak as optimistic investors anticipate fourth quarter earnings reports and Friday’s Labor Department figures. “Everyone’s waiting on the Fed minutes tomorrow and the jobs report on Friday could be a driver of further confidence,” Wells Fargo Private Bank chief investment officer John Lynch said. Equities investors wait to see if ongoing positive date can propel stocks further as they continue to reach record levels.
At 5:17 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,233.40, Down $7.10.
- Silver, $19.89, Down $0.27.
- Platinum, $1,418.80, Up $0.40.
- Palladium, $742.20, Up $3.70.