Morning Gold & Silver Market Recap - 1/31/2014
STOCKS FALL, GOLD SOUGHT AS SAFE-HAVEN
The Gold price was lifted today as weak manufacturing numbers and a substantial decline in U.S. stocks boosted the safe-haven appeal of Precious Metals. Following a significant price drop at the end of last week, Gold has rallied back and is currently up roughly 5 percent year-to-date. Emerging market concerns along with fear of further market correction are helping increase Gold’s demand as turbulent equities are driving investors to the yellow metal.
Disappointing manufacturing figures have weighed heavily on U.S. stocks today as weak factory output numbers have given the Dow Jones Industrial Average its largest percentage drop since May 2012. Discussing lower manufacturing figures, Barry Knapp, chief market strategist at Barclays Capital, said, "The number was much weaker than expected and the market is very sensitive at this point to thinking that the Fed has started the policy normalization process too soon." Today’s decline has pulled the Dow within percentage points of being considered a full-blown market correction. The traditional inverse relationship of stocks and Gold is evident today as further downward pressure on equities prices will most likely boost the demand for Precious Metals.
At 1:28 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,261.50, Up $19.70.
- Silver, $19.46, Up $0.29.
- Platinum, $1,389.40, Up $11.70.
- Palladium, $703.50, Down $0.70.
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