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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.
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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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