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Mid-Day Gold & Silver Market Report – 1/21/2014

PRECIOUS METALS PRESSURED FROM QE SPECULATION

Precious Metals prices are headed downward through mid-day trading, giving back gains earned at the end of last week. Speculation of continued quantitative easing (QE) tapering, a stronger U.S. dollar and a downbeat price forecast for Gold this year have weighed on Precious Metals.  Mike Cullinane, head of Treasuries trading with D.A. Davidson in St. Petersburg, Florida, said, “The view out there is there's going to be continued tapering on a gradual basis. Another $10 billion in tapering is a logical way to go.”

U.S. stock prices are trading up Tuesday as they reopen from the holiday weekend and new numbers are taken into consideration. However, many are skeptical about recent data and believe the economic effects of the Federal Reserve tapering QE could be catastrophic based on its timing. Gold Arrow Capital Management co-founder Gijsbert Groenewegen said, “When we taper, interest rates go up and they will break out of the 32-year downtrend in 10-year Treasury yields which will implode the bond market.” He went on to add that higher interest rates will also implode the equity and housing markets. He said investors could turn to Precious Metals “because they are the true reflection of the fundamentals of the reserve currency and world economy.”

At 1:45 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,244.50, Down $9.90.
  • Silver, $19.92, Down $0.43.
  • Platinum, $1,454.30, Down $1.80.
  • Palladium, $749.00, Up $0.50.

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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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