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.