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Closing Gold & Silver Market Report – 12/31/2013

GOLD, STOCKS CLOSE 2013 IN OPPOSITE DIRECTIONS

Gold and Silver prices will close 2013 approximately 28 percent and 36 percent lower, respectively. This is the first yearly decline for the metals since 2000. Many factors, such as an improving economic climate, record highs in equities, and general fear subsiding have contributed to the drop. Today, prices recovered from early losses around midday, with Gold poised to close slightly higher and Silver slightly lower. The market will pause for the New Year’s Day holiday at 5:15 p.m. (ET) Tuesday, and resume trading Wednesday at 6 p.m. (ET).

Wall Street closed 2013 with record highs. The S&P 500 gained 29.6 percent and the Dow Jones Industrial Average gained 26.5 percent on the year. Matthew Kaufler, portfolio manager at Federated Investors, said, “It's been a great year, if you look at it from what the prevailing sentiment was at the beginning of the year, it has surpassed even the most bullish of predictions. It's the type of year you want to savor, there's been a nice wealth effect that has warmed people's portfolios. Between the rise in the markets as well as the rebound in housing prices, this year went a long way in repairing consumer balance sheets.”

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

  • Gold, $1,207.60, Up $1.30.
  • Silver, $19.54, Down $0.15.
  • Platinum, $1,375.00, Up $5.80.
  • Palladium, $716.10, Up $5.40.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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Our spot prices are subject to change during the following hours, excluding holidays. View current spot prices for Gold, Silver, Platinum and Palladium on our Spot Price Charts page.

 
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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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