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Closing Gold & Silver Market Report – 1/2/2014

PRECIOUS METALS START THE NEW YEAR STRONG

As trading ended on this first day of the new year, prices were up for all four Precious Metals, with Gold experiencing an increase above $20 and Platinum seeing an increase of more than $28. Reports of bargain hunting by physical buyers (particularly those in China) helped drive prices higher. Naeem Aslam, chief market analyst with AvaTrade, said, “Physical demand for Gold is unquestionably supporting Gold which had experienced heavy losses last year."

In contrast to Precious Metals, stocks in the U.S. took a sharp drop during trading, resulting in the first negative start to a year for Wall Street since 2008. The S&P 500 ended the day over 16 points, the Dow lost over 135 points, and the Nasdaq dropped over 33 points. According to Key Private Bank’s chief investment strategist Bruce McCain, “I think the big issue is just how long investor enthusiasm lasts. It has certainly raced ahead of the fundamentals. The trend in the data really isn't the problem, they suggest we're getting some improvement in the fundamentals. But the markets have been superlative, and you can only keep that up for so long.”

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,224.90, Up $20.10.
  • Silver, $20.05, Up $0.63.
  • Platinum, $1,403.90, Up $28.10.
  • Palladium, $730.50, Up $12.30.

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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