Closing Gold & Silver Market Report – 1/22/2014
PLATINUM REMAINS STRONG AS STRIKES BEGIN; EUROPE TO EXIT DEBT CRISIS SOON
Precious Metals prices fell Wednesday as the U.S. dollar and equities strengthened over the course of the day, which encouraged some profit taking. Gold has already felt the pressure this year as the U.S. economy continues to reflect growth and stability, along with concerns of further stimulus reduction measures. The next Federal Reserve policy meeting is set for January 28-29. The market predicts that the Fed will announce its second round of tapering. Platinum, on the other hand, is the only metal with positive performance today. This is due to Impala Platinum shutting down production at all of its South African operations Wednesday ahead of planned strikes concerning wages.
Europe’s financial crisis has been a major concern for several years; however some economists suggest they may be exiting there fiscal issues soon. For instance, Switzerland appears to have escaped its recessionary bonds and may begin to show growth again. Sir Martin Sorrell, CEO at WPP Group and noted British businessman, said, "I think the answer is yes-ish. There are two Europes. There's a Western Europe and there's an Eastern Europe. I'm very bullish about Eastern Europe." Eastern Europe includes Germany, Poland and Russia. "Everyone expects the euro zone to grow, so that's good. After several years of crisis, it's quite normal to look on the bright side of things, to get excited about improvements," German economist Axel Weber said. "It may be too one-sided of a view."
At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,238.90, Down $5.40.
- Silver, $19.85, Down $0.07.
- Platinum, $1,460.50, Up $5.00.
- Palladium, $747.00, Down $1.00.
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