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Closing Gold & Silver Market Report – 1/13/2014

GOLD’S MOMENTUM REMAINS; CRUDE OIL DECLINES ON GEOPOLITICAL TENSION

Gold continued to climb Monday from last week’s disappointing U.S. jobs report.  Several big banks have provided their 2014 outlook for Gold. Some have positive outlooks, while others are negative on the yellow metal as the U.S. economy continues to strengthen.  Sharps Pixley expects Gold to have a Goldilocks year, meaning it will perform just right, with an average of $1,274 an ounce and a high of $1,350 an ounce.  “It feels like the market just might be on the turn; much of the Gold negative news is in the price and investor appetite seems to be insatiable at these levels,” Sharps Pixley chief executive officer Ross Norman said. “Besides, with oil above $100 a barrel, we should of course be closer to the $1,600 [an ounce] level. Perhaps that’s for 2015.”

Crude oil supply concerns continue to grow Monday as oil futures closed below $92 per barrel.  The Federal Reserve’s decision to taper its quantitative easing program has already affected crude oil prices and news of developing geopolitical tension in Iran is not helping the matter.  There is an agreement currently in place between Iran and six world powers that caps Tehran’s nuclear program in exchange for easing sanctions on Iran.  If the arrangement remains and provides sanctions on Iranian oil, “then the prospect of approximately 1 million barrels a day returning to the global market at some undetermined point this year would weigh on prices,” Matt Smith, author of energy and financial-market newsletter The Daily Distillation, said Monday.

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

  • Gold, $1,254.80, Up $5.40.
  • Silver, $20.45, Up $0.18.
  • Platinum, $1,446.20, Up $7.30.
  • Palladium, $740.20, Down $5.80.

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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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