Closing Gold & Silver Market Report – 1/29/2014
METALS FIND SUPPORT, STOCKS STRUGGLE ON FED ANNOUNCEMENT
Precious Metals reacted exceptionally well to the Federal Reserve’s announcement of a further cut in fiscal policy, with Gold, Silver and Platinum ending the day on a positive note. Gold has been thriving this year, already rebounding 4.25 percent so far. The market is optimistic for the yellow metal as it has been heavily desired in both China and India with hopes those trends will continue in 2014.
Following the news that the Fed will begin tapering $10 billion a month from its bond buying program, stocks quickly reacted negatively. "We would not be surprised to see the Fed increase its tapering to $15 billion or 20 billion at one of its summer meetings, and expect the Fed to be done tapering by the fall should the economy continue on its current path," U.S. Bank Wealth Management’s Jennifer Vail said. The Dow Jones Industrial Average fell roughly 219 points, while the S&P 500 lost 18.3 points and the Nasdaq fell 48.2 points. Data showed that for every stock that rose, an estimated three dropped on the New York Stock Exchange.
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,269.60, Up $16.80.
- Silver, $19.75, Up $0.20.
- Platinum, $1,414.80, Up $3.40.
- Palladium, $715.80, Down $1.70.
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