Closing Gold & Silver Market Report – 1/20/2014
GLOBAL ECONOMIC ACTIVITY SEEN AS POSITIVE AND NEGATIVE BY ECONOMISTS
As the financial year is now in full swing, it already appears to be performing at the best rate since 2008. Improved U.S. economic data is providing the Federal Reserve the opportunity to stabilize the fiscal policy currently in place to adapt to the healthy economy. However, PIMCO chief executive officer and co-chief investment officer Mohamed El-Erian feels the global financial crisis is far from over for several reasons and suggests that policymakers should not be happy with the current growth. El-Erian believes policymakers need to refocus on the global debt crisis, insufficient supply responsiveness and an inadequate level and configuration of aggregate demand.
China’s lower than expected industrial output growth initiated concerns regarding global demand for crude, which pressured oil prices for February. According to China’s National Bureau of Statistics, industrial production in December slowed to 9.7 percent annual growth, down from 10 percent in November.
At 1:15 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,257.00, Up $2.60.
- Silver, $20.36, Up $0.01.
- Platinum, $1,471.00, Up $14.90.
- Palladium, $748.50, Even.
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