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Mid-Day Gold & Silver Market Report – 1/29/2014

EMERGING MARKET CRISIS, POOR CORPORATE EARNINGS PUSH INVESTORS TO GOLD

Worldwide currencies have been weakened on the heels of an emerging markets (EM) crisis that has helped push Gold higher today.  Widespread outflows of cash from emerging economies have caused pervasive volatility among global and domestic equities.  Disappointing corporate earnings data coupled with the EM tumult to lure investors away from stocks and into the traditional safe haven of Precious Metals.  “Gold should be in demand as long as the turmoil persists,” Daniel Briesemann, an analyst at Commerzbank AG, said. “That’s why gold has recovered its early losses.”  Investors now await the conclusion of the Federal Reserve’s monthly summit to see if monetary stimulus measures will be tapered, a move that traditionally weighs on Precious Metals prices. 

Benchmark equities indexes are down amid choppy trading today as poor corporate earnings numbers enhanced fear among investors who are concerned of an ongoing market correction.  “The markets are focused on earnings and on the Fed, and also on the idea that perhaps the consolidation hasn’t run its course -- that we need to test levels from last week,” Quincy Krosby, market strategist for Prudential Financial Inc., said. “Going into Fed meetings, markets typically are jittery even though the consensus is the Fed will stick to the script and not give the market any reason to be worried about the underlying fundamentals.”  Investors will wait to see if another round of tapering will impact Gold and equities or if expectations for another reduction have already been priced into markets. 

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

  • Gold, $1,264.20, Up $11.40.
  • Silver, $19.63, Up $0.08.
  • Platinum, $1,410.10, Down $1.30.
  • Palladium, $713.70, Down $3.80.

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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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