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Mid-Day Gold & Silver Market Report – 1/22/2014

GOLD, STOCKS STEADY AHEAD OF FED MEETING

The Gold price continues to be resilient as speculation that the Federal Reserve will make another cut to monetary stimulus looms ahead of next week’s Fed policy meeting. “The market will trade sideways to lower ahead of the Fed meeting,” Frank Lesh, a trader at FuturePath Trading, said.  Analysts at Bloomberg expect the Fed to continue reducing quantitative easing (QE) measures by $10 billion per month throughout the rest of the year, wrapping up the program by the end of 2014. However, as Gold appears to be resistant to further downward pressure, many experts believe the stimulus taper is already priced in to metals markets. 

As corporate earnings data continues to trickle in, U.S. equities are trading even today as reports fail to inspire any momentum in either direction. “Earnings are all that matters,” TIAA-CREF Asset Management global investment strategist Dan Morris said. “To see the justification for meaningful higher prices, we just need to wait for earnings to catch up and accelerate a bit and that may take a quarter or two.”  As QE appears to be near an end, traditional fundamentals will be the backbone of future market movement. 

At 1:04 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,241.70, Down $2.60.
  • Silver, $19.91, Down $0.02.
  • Platinum, $1,464.10, Up $8.60.
  • Palladium, $749.50, Up $1.40.

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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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