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Closing Gold & Silver Market Report – 1/23/2013

GOLD FALLS OFF MONTH HIGHS; DEBT CEILING SUSPENDED UNTIL MID-MAY

Gold is down today following last session’s gains which had boosted the metal to its highest level in one month. Liberal fiscal policy in Japan and a weaker dollar, following disappointing economic data, were the major drivers in Gold’s recent run-up. Though today’s dip was not a major one, Gold is holding more steady than other commodities. “Among the most forex-sensitive commodities, it looked like Gold held up better than oil in the immediate aftermath of the debt ceiling non-event today,” Richard Hastings, a macro strategist at Global Hunter Securities, said. “Gold is still consolidating near the $1,685 level.”

Today the Republican-led House of Representatives approved an extension of the debt ceiling that delays the potential for the U.S. to default on its debt requirements for four months. House Bill H.R. 325 (viewable here) averts a default not by specifying a particular dollar amount to raise the debt ceiling, but by suspending any limits on government borrowing until mid-May, thereby allowing the U.S. to borrow as needed until then in order to meet its financial obligations. The additional debt accrued between now and mid-May will then be retroactively factored into the increase in this country’s borrowing limit. Although there was bipartisan support for the bill, some House members found the short-term nature of the solution to be “irresponsible,” with New Jersey Representative Rob Andrews stating, “This legislation sets up another fiscal cliff, another financial nightmare, another problem for the American people that we should avoid."

At 5 p.m. (EST), the APMEX Precious Metals spot prices were:

  • Gold, $1,687.60, Down $7.60.
  • Silver, $32.30, Up $0.09
  • Platinum, $1,690.90, Down $10.90.
  • Palladium, $727.40, Down $3.50.

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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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