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Mid-Day Gold & Silver Market Report – 1/9/2014

INVESTORS SHOW RESTRAINT AHEAD OF JOBS REPORT

The Gold price remains flat today as cautious investors await Friday’s non-farm payroll figures.  Physical demand for Precious Metals continues to buoy Gold as upbeat economic data weighs on the yellow metal’s short-term prospects.  “Demand for gold coins and bars was very strong last year on account of the falling prices, a trend which appears to be continuing at the start of the year,” Commerzbank AG, said.  Preliminary estimations predict improvement in the jobs market.  Analysts predict Gold and Silver will remain range-bound until the release of tomorrow’s employment numbers. 

U.S. stocks have fallen, erasing earlier gains, as investors await the beginning of corporate earnings season and the release of non-farm payroll data.  “You could be seeing some anticipation that the jobs number tomorrow could be really high,” Walter Todd, chief investment officer of Greenwood Capital Associates, said. “That could change the timetable for the Fed’s ultimate exit from quantitative easing.”  Anticipation of the reduction of quantitative easing measures has been the central motivator in depressing Precious Metals prices over the last year. 

At 2:14 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,230.50, Up $2.50.
  • Silver, $19.64, Up $0.06.
  • Platinum, $1,420.50, Up $4.30.
  • Palladium, $737.90, Down $0.40.

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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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