Mid-Day Gold & Silver Market Report – 1/8/2014

PRIVATE JOBS NUMBERS WEIGH ON GOLD; INVESTORS AWAIT FED MINUTES

The Gold price slid down this morning as data was released showing December as the greatest month of jobs creation in over a year.  With employment figures depicting continued improvement, investors will now await the release of the Federal Open Market Committee minutes from December to gain further insight into the future of the domestic stimulus package.  Gold has proved resistant to any significant downward pressure in recent sessions as the dollar continues to strengthen and the Fed looks to further tighten its quantitative easing (QE) measures.  The overall strength of the jobs market in the U.S. will be a direct contributor to the Fed’s decisions regarding QE. 

U.S. stocks have wavered on Wednesday as a private report depicted better-than-expected employment numbers from the month of December.  “It’s a good number,” Ryan Larson, head of U.S. equity trading at RBC Global Asset Management (U.S.) Inc., said.  “It continues to confirm an improving employment picture. We’ll see if the market takes it for that, or whether it causes worry that the Fed will ultimately increase its rate of tapering.”  The addition of 238,000 new private sector jobs last month and a shrinking level of monetary stimulus could allow movement of equities markets to revert to traditional fundamentals as opposed to reliance on liquidity injections from the Federal Reserve. 

At 1 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,223.50, Down $8.60.
  • Silver, $19.45, Down $0.39.
  • Platinum, $1,414.00, Down $3.40.
  • Palladium, $737.50, Down $4.20.
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Disclaimer:

APMEX’s ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/17/2014 12:17:55 AM EST

Metal Bid Ask Change
Gold $1,301.10 $1,303.10 ($2.40)
Silver $19.51 $19.61 ($0.08)
Platinum $1,426.60 $1,436.60 ($1.20)
Palladium $796.80 $801.80 ($1.50)
4/17/2014 12:17:55 AM EST

Click here for Historical Charts*All Charts are in USD


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