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Mid-Day Gold & Silver Market Report – 1/27/2014

GOLD EXPECTED TO TREAD WATER AHEAD OF FED ANNOUNCEMENT

The possibility of further tapering of quantitative easing continues to dominate the headlines today.  The Gold price has erased earlier losses to trade flat.  ‘Flat’ may well be the name of the game for Gold, according to Tyler Richey, an analyst for the 7:00’s report.  Richey said, “Gold has seen a substantial rally in recent sessions, breaking through several technical resistance levels, but we expect that the precious metals market will largely tread water until the [Federal Open Market Committee] announcement Wednesday.”

Many economists, including Rockwell Global Capital’s chief market economist Peter Cardillo, believe that 1,775 is a key level to watch for the S&P 500.  If the index falls below that level, equities could see a pullback.  Corrections, like the one last week for equities, are hardly a rare occurrence.  The most recent correction can be seen as a reminder that Gold is not the only investment heavily affected by quantitative easing.

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

  • Gold, $1,267.00, Up $0.20.
  • Silver, $19.89, Up $0.08.
  • Platinum, $1,422.00, Down $8.60.
  • Palladium, $723.40, Down $11.40.
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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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