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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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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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