Morning Gold & Silver Market Report – 1/9/2014
GOLD ATTEMPTS RECOVERY FROM WEEKLY LOSSES
Precious Metals prices are slightly higher in early morning trading, recovering from losses incurred earlier this week. Peter Fertig with Quantitative Commodity Research explained the sentiment regarding Gold so far this year, saying, “Last year, Gold was often negatively correlated with the S&P 500. At the beginning of this year, money was flowing back from stocks into Gold, but as we've seen a stabilization of the stock market, we've seen money leaving Gold and going back into equities.”
Some gains for Precious Metals were given up after the release of the weekly jobless claims report. New claims fell by 15,000 last week, which was in line with economist expectations. January is always a more volatile time for claims due to the end of the holiday season, so the report can be less reliable as an indicator of the economy during the month. Continuing claims increased by 50,000.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,228.90, Up $0.90.
- Silver, $19.60, Up $0.01.
- Platinum, $1,420.00, Up $3.80.
- Palladium, $735.50, Down $2.80.
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