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Closing Gold & Silver Market Report – 1/27/2014

PROFIT TAKING PRESSURES GOLD AND PLATINUM

Profit taking was to blame for Gold’s one percent fall Monday, ahead of the Federal Reserve meeting this week, as investors anticipate a second round of tapering. However, Gold did perform well last week, as it was up about one percent, for its fifth consecutive weekly upswing for the first time since September 2012.  Platinum fell again for the second day in a row as South African unions attempt to reach an agreement for Platinum mine workers whom have been on strike since last Wednesday.  “Platinum sold off as South African unions and management began mediation in their dispute,” Matthew Turner, analyst at Macquarie Group Ltd. in London, said.

According to the National Association for Business Economics, profit growth remains intact as the Federal Reserve begins to strongly taper its monetary policy.  "The outlook for 2014 is strengthening," NABE President Jack Kleinhenz said. Profit gains are expected "regardless of any changes in monetary policy."  The market is certain that higher borrowing costs caused from the Fed cutting back its bond buying program could provide companies an excuse to fall back on investments to expand their business by not hiring or purchasing new equipment.

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,258.90, Down $7.90.
  • Silver, $19.73, Down $0.09.
  • Platinum, $1,413.00, Down $17.60.
  • Palladium, $722.00, Down $12.80.
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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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