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Morning Gold & Silver Market Report – 1/23/2014

GOLD PRODUCTION TO BE CUT IN 2014

The Gold price overturned yesterday’s losses as a weaker U.S. dollar and a flat jobless claims report indicated economic growth is not as robust as predicted.  Federal Reserve policymakers look to employment numbers as an overall gauge of domestic economic growth and use the data to determine the future of their quantitative easing (QE) program.  This week’s downward revision of jobless claims projections marks the second week in a row that employment expectations were altered.  As next week’s Federal Open Market Committee meeting approaches, jobs data will remain central to Fed officials’ decision to perpetuate QE or not. 

As U.S. investors look to employment numbers, stock momentum and the Federal Reserve to gain insight into the future of Precious Metals prices, last year’s price drop has affected production of physical Gold.  “The miners were mining at the highest possible cost because the Gold price was going up and when it stopped going up, they had to reduce that. So that means that they will mine less Gold,” Peter Hambro, chairman of Russian Gold mining company Petropavlovsk, said.  With smaller scale mining operations closing up shop, larger firms like Petropavlovsk are cutting production back significantly this year.  The diminished supply of physical Gold prompted Reuters to predict the yellow metal would be unable to slip much below current levels. 

At 9:45 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,258.20, Up $17.20.
  • Silver, $20.22, Up $0.33.
  • Platinum, $1,463.60, Down $0.80.
  • Palladium, $745.90, Down $3.00.

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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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