Closing Gold & Silver Market Report – 1/8/2013
GOLD PRICE MOVES UP; MORE MONETARY EASING TALK
After three consecutive days of losses, Gold has made a positive turn around. There has been a worldwide push for physical demand as of late, which is not unusual for this time of year. “Gold historically has shown a tendency for strong demand, and prices, in the second half of January. This can be largely attributed to demand from China in the run-up to the Chinese New Year celebrations,” Gold Newsletter editor Brien Lundin said.
The Bank of Japan (BOJ) is considering extending its monetary easing program. The current program is similar to other countries’ programs that include the buying of assets and an aggressive lending program. “The trend for prices is weak and that's a concern. The outlook for overseas economies is also highly uncertain," an anonymous source familiar with BOJ’s thinking said. The BOJ will meet later this month to solidify its plans.
In the United States, local and state level government entities are expected to largely increased their workforces in 2013. States have seen a revenue increase of almost four percent, and over half of the cities say they are in better financial situations than this time last year. “The bloodletting on the state- and local-government level has finally passed through,” Jim Diffley, chief U.S. regional economist for IHS Global Insight in Philadelphia, said. “They’re no longer subtracting from growth.”
At 5:04 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,661.80, Up $13.50.
- Silver, $30.45, Up $0.33.
- Platinum, $1,584.00, Up $27.70.
- Palladium, $674.90, Up $3.90.
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