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

GOLD FEELS PRESSURE FROM POSITIVE U.S. ECONOMIC DATA

The Gold price was slightly affected today by better than expected U.S. manufacturing data.  The U.S. Federal Reserve reported Wednesday in its Beige Book that the economy continues to show growth and consumer spending is on the rise.  Investors expect that as economic factors fortify, the Fed may accelerate tapering measures.  “Technically it’s still a buyer’s market, but the increased volatility in recent sessions is a sure signal something’s about to give,” Interactive Investor head of derivatives Mike McCudden said. “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 VIX (Volatility Index) but the poor jobs data last week should serve as a reminder that the U.S. economic recovery is still patchy.”

According to the World Bank, global growth is expected to increase in 2014  with a forecast development of 3.2 percent.  “Most of the acceleration is expected to come from high-income countries, as the drag on growth from fiscal consolidation and policy uncertainty eases and private sector recoveries gain firmer footing,” the World Bank wrote in its Global Economic Prospects report Wednesday. The global recovery timeframe could be altered depending if the Federal Reserve’s stimulus program tapering is sped up or not.

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

  • Gold, $1,243.90, Down $4.00.
  • Silver, $20.24, Down $0.10.
  • Platinum, $1,432.70, Down $3.10.
  • Palladium, $742.40, Up $3.50.

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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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