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Closing Gold & Silver Market Report – 1/16/2014

GOLD FINISHES FLAT AS INVESTORS AWAIT DIRECTION 

The Gold price closed today with a slight boost from mid-day trading.  A decline in the strength of the U.S. dollar along with slipping U.S. equity markets helped provide Gold with the boost needed to finish the day with a gain for the first time in three sessions. When asked his opinion on Gold’s direction, H.C. Wainwright managing director Jeffrey Wainwright said the upcoming keys for Gold are “signs of risk on or risk off via the equity markets and the inverse impact to Gold.”

U.S. stocks finished Thursday mostly lower based on the release of earnings data that disappointed the market.  Jim Russell, senior equity strategist for U.S. Bank Wealth Management, said, “There's a shift from the rising tide lifting all boats in 2013 related to the [U.S. Federal Reserve] policy of [quantitative easing] to much more disparity between winners and losers, which we're starting to see in the retail area and the financial area. Some are able to execute in this slow-growth environment, others maybe not.”  With Gold historically having a safe-haven appeal and our markets struggling, investors may begin to look away from risk-richer asset classes like equities and turn to Gold to provide balance. 

At 5:20 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,244.70, Down $3.90.
  • Silver, $20.14, Down $0.05.
  • Platinum, $1,436.00, Up $5.40.
  • Palladium, $744.10, Up $0.10.

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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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