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Mid-Day Gold & Silver Market Report – 1/30/2014

GOLD ERASES GAINS AS HIGHER STOCKS SUPRESS DEMAND

Gold has given back yesterday’s gains as higher equities and a stronger U.S. dollar pushed investors away from the yellow metal.  News that the Federal Reserve will continue tightening its quantitative easing package has sunk in, causing a reversal of initial gains realized after yesterday’s Fed summit. “Initially, Precious Metals showed a somewhat positive reaction to the news with Gold rallying to a high of $1,270 [per ounce] overnight, but it has dropped quite sharply from there,” FOREX.com technical analyst Fawad Razaqzada said. As inflationary fear caused by the ultra-loose stimulus program subsides, Gold will need fresh motivating factors to break free from its current trading range.

As we near the halfway point of corporate earnings season, upbeat data has pushed U.S. stocks higher today.  As fears continue to swell concerning an impending market correction, strong earnings and continued economic growth will do much to quell some of the panic.  “The fact we can print a quarter in which GDP growth was more than 3 percent, even though government spending contracted as much as it did, is unquestionably a positive,” Dan Greenhaus, chief global strategist at BTIG LLC, said. “The concerns over emerging markets are the dominant topic. To the extent this remains contained, the sell-off is likely to be limited.”

At 1:00 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,245.70, Down $18.50.
  • Silver, $19.23, Down $0.38.
  • Platinum, $1,385.60, Down $24.50.
  • Palladium, $707.70, Down $4.50.

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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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