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

PRECIOUS METALS, U.S. STOCKS DIP ON POSITIVE ECONOMIC DATA, FED MINUTES

Precious Metals fell slightly throughout the day due to the private sector reporting a better than expected increase for jobs in December. Also, the minutes from the Federal Reserve’s December Federal Open Market Committee meeting were released today. The minutes showed a consensus amongst participants who believe it was time to taper fiscal policy as the program’s benefits appear to have diminished over time. “Overall there is nothing in the minutes to change our view, based on Fed Chairman Ben Bernanke’s comments in the post-meeting press conference, that the Fed will continue to reduce its purchases at a pace of $10 billion at each meeting this year,” Capital Economics chief U.S. economist Paul Ashworth said.

The S&P 500 dropped following the release of the Fed minutes. The Fed’s bond buying program boosted the S&P 500 by nearly 30 percent in 2013, but with tapering in 2014, the market could see a reverse reaction. “The financial markets really didn't move at all, but typically history would suggest they need a little bit of time to just digest these things,” Darrell Cronk, regional chief investment officer of Wells Fargo Private Bank, said.

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,227.50, Down $4.60.
  • Silver, $19.56, Down $0.28.
  • Platinum, $1,419.60, Up $2.20.
  • Palladium, $736.50, Down $5.20.
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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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