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Morning Gold & Silver Market Report – 1/15/2014

STRONGER U.S. DOLLAR PRESSURES GOLD

The strength of the U.S. dollar has U.S. stock futures rising and Precious Metals prices falling in early trading. Retail sales data released Tuesday has allowed the dollar to shrug off Friday’s disappointing jobs report, according to Saxo Bank senior manager Ole Hansen. Hansen added, “Stronger dollar and shares are a challenge for Gold... we need to see some more data come through but the overall expectation is that the Fed will continue to taper at the same rate and that they won't react to just one or two U.S. numbers to change their view.”

Two Federal Reserve officials are speaking today about the economy. Two Fed officials also spoke Tuesday, with Philadelphia Fed President Charles Plosser saying he wants quantitative easing to come to an end by the end of the year. Mike McCudden of Interactive Investor spoke on the stock market, saying, “Technically it’s still a buyer’s market, but the increased volatility in recent sessions is a sure signal something’s about to give. News that the World Bank has upgraded its global outlook while U.S. consumer spending surprised to the upside may have brought some calm to the [Volatility Index] but the poor jobs data last week should serve as a reminder that the U.S. economic recovery is still patchy.”

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,238.60, Down $9.10.
  • Silver, $20.10, Down $0.24.
  • Platinum, $1,421.00, Down $14.80.
  • Palladium, $736.40, Down $2.50.

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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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