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Morning Gold & Silver Market Report – 1/8/2014

METALS FALL ON UPBEAT DATA

Precious Metals traded lower today, with Silver falling the most at nearly 1.5 percent. Many economists are looking at today’s Automatic Data Processing (ADP) private-sector jobs report for clues to how the U.S. government’s nonfarms payrolls report will unfold Friday. Minutes from the latest Federal Open Market Committee meeting will be released this afternoon and will be analyzed for more details to the central bank’s feeling on the economy.

U.S. stock futures fell in premarket trading, even after the better-than-expected ADP report. Naeem Aslam, chief market analyst at Ava Trade, said, “We will be very closely looking at the minutes and seeing how much support is there for [current Federal Reserve Chairman Ben] Bernanke’s view of tapering in every single meeting until the ultra-loose monetary policy ends this year. Markets do consider [Fed Chairwoman-designate] Janet Yellen as a dove, but the fact is that she voted for tapering last year, and we think that we could be in for a surprise when [she] does not become as dovish as many thought.

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,223.80, Down $8.30.
  • Silver, $19.44, Down $0.40.
  • Platinum, $1,409.70, Down $7.70.
  • Palladium, $734.40, Down $7.40.
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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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