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Closing Gold & Silver Market Report – 1/22/2013

GOLD PRICE HITS A HIGH TODAY

As the United States financial markets start a shorten week, Gold price hit its highest point since December 17 of last year. Early in the day, news of Japan continuing its’ monetary easing, followed by two different reports from the U.S., gave the market a boost. Existing home sales and weak manufacturing reports from the Federal Reserve were both signs of slowing economic improvement in the country. Gold has been seen as a safe haven for investors during times of economic uncertainty and today’s movement supports that sentiment.

There was some progress in the debt ceiling talks in the U.S. capitol today. While no major breakthroughs have come to light, it seems like both sides are at least willing to compromise. It looks like there will be a vote to extend the debt limit to give the government more time to work on a solution. While it is not a done deal, everyone involved understands that going through the debt ceiling will have devastating effects on the economy. White House spokesman Jay Carney said, "The bill still has to overcome some concerns expressed by members of the House and the Senate before it can pass both chambers and reach the president's desk. If it does, and it reaches the president's desk, he would not stand in the way of the bill becoming law."

At 5 p.m. (EST), the APMEX precious metals spot prices were:

  • Gold, $1694.00, Up $5.00.
  • Silver, $32.28, Up $0.31.
  • Platinum, $1699.10, Up $25.10.
  • Palladium, $727.20, Up $3.50.

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Disclaimer:
APMEX 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. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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