Mid-Day Gold & Silver Market Report – 1/10/2014
PRECIOUS METALS CONTINUE TO GAIN ON WEAK JOBS REPORT
Precious Metals continue to show their strength through midday trading. Friday’s release of disappointing jobs data has helped metals rally as Gold sets up for its highest close in four weeks. Gold’s safe haven appeal has been provided a boost and many feel the Federal Reserve’s announcement of their decision to begin tapering the quantitative easing program may have come too soon. Douglas Borthwick, managing director of Chapdelaine Foreign Exchange said, “The U.S. Fed has also acted too soon. While it is true that the U.S. economy has stabilized, it is also true that the reason it has stabilized is because the U.S. Fed has provided a great amount of liquidity to the market…The U.S. Fed has been the crutch helping the U.S. economy recover. As the crutch is taken away, the U.S. economy is likely to suffer.”
U.S. stocks declined on Friday as a result of December’s weak payroll report and now have many investors beginning to question what is next. Dan Greenhaus, chief global strategist at BTIG via email said, “The economy, based on any number of other indicators, has been picking up steam of late which makes today's number….curious. We aren't sure how the Fed should react to this number but we think another reduction at the January FOMC (Federal Open Market Committee) meeting is probably unlikely.”
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,248.40, Up $16.50.
- Silver, $20.24, Up $0.51.
- Platinum, $1,438.80, Up $16.90.
- Palladium, $744.30, Up $7.80.
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