Morning Gold & Silver Market Report – 1/13/2014
GOLD STEADY AFTER FRIDAY RALLY
Gold is trading even this morning as weak payroll data pushed the yellow metal to its highest level in one month. "The data came as a shock, but it seemed out of kilter with the readings we've seen in previous months," Mitsubishi Corp analyst Jonathan Butler said. "Gold's response probably reflected a lack of conviction that this really represents a new trend." As Gold steadies, the Federal Reserve’s reduction of monetary stimulus measures still looms heavily as the release of December’s Fed meeting minutes suggests quantitative easing could completely cease by the end of 2014. Precious Metals will continue to seek a solid footing as many investors wonder if the sell-off witnessed during 2013 has halted, creating a new opportunity for upward movement as physical buying of Gold and Silver remains strong.
U.S. stocks are poised to start the week lower as poor jobs numbers from last Friday failed to inspire further upward momentum. Equities now await the performance of corporate earnings figures to push stock indexes higher. "After last week's lackluster start to U.S. earnings season, courtesy of [aluminum producer] Alcoa, the attention will shift to this week's earnings flow from the major U.S. banks," said Jim Reid and Anthony Ip of Deutsche Bank on Monday.
At 9:08 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,249.40, Even.
- Silver, $20.14, Down $0.13.
- Platinum, $1,440.00, Up $1.10.
- Palladium, $740.50, Down $5.60.
For more APMEX reviews of daily and weekly Precious Metals market activities, visit our News and Commentaries page.
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