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Mid-Day Gold & Silver Market Report – 1/9/2013

GOLD PRICE ERASES GAINS DUE TO MONETARY EASING DISCUSSION

After yesterday’s increase in the Gold price, the market has moved lower. The slip in prices is due to the growing uncertainty of the United States Federal Reserve’s plan regarding its monetary easing policy. According to James West, portfolio adviser to the Midas Letter Opportunity Fund, there are two sides to the easing argument. He states are some who believe the easing will continue. “As far as Gold is concerned, the buy-side pressure is from investors who believe the rhetoric in the media concerning the prospect of [quantitative easing by the U.S. Federal Reserve] ending early is not credible,” West said. On the other side, “there are those who do believe that quantitative easing will come to an end as the economy improves,” he added. Whether or not monetary easing continues, it is most likely going to have an effect on the Precious Metals market just as it has in the past.

The European Central Bank is hard at work attempting to help improve the economic outlook in the region. At the head is Mario Draghi, and the ECB president is bringing a new outlook to the system. There are some members of the union that are pleased with the changes. “Draghi shared the portfolios very well,” Erkki Liikanen, central bank chief of Finland, said. However, others are not so thrilled. “The ECB is making itself a prisoner of politics,” former ECB policymaker Juergen Stark said. Draghi will continue to move forward while trying to keep all sides satisfied, which may be easier said than done.

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

  • Gold, $1,654.90, Down $9.30.
  • Silver, $30.23, Down $0.27.
  • Platinum, $1,598.00, Up $14.80.
  • Palladium, $688.60, Up $19.80.

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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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