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Mid-Day Gold & Silver Market Report – 1/17/2014

PRECIOUS METALS CLIMB AS OTHER MARKETS STRUGGLE

Precious Metal prices continued to climb through mid-day trading.  As investors digest this week’s disappointing U.S. data, many are becoming uncertain of the U.S. economic recovery and expect rising interest rates.  Bank of America Merrill Lynch analyst Michael Widmer said, “The U.S. data may not be uniformly good but it is not as bad as it used to be and the main thing now is that investors anticipate an increase in interest rates in the United States.”

U.S. consumer confidence unexpectedly declined in January.  Last week’s employment figures showing the slowest growth in almost three years, higher home prices and mortgages, and various other factors all have investors watching the market as consumers taper their spending.  Michael Moran, chief economist at Daiwa Capital Markets America Inc., said, “The numbers tell us consumers are still likely to be cautious in spending. I’m expecting to see some cooling off in spending in the first quarter.”

At 1:50 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,255.30, Up $12.50.
  • Silver, $20.38, Up $0.28.
  • Platinum, $1,456.90, Up $23.40.
  • Palladium, $747.00, Up $3.10.

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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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