Morning Gold & Silver Market Report – 1/8/2013
PHYSICAL DEMAND STRONG AHEAD OF CHINESE NEW YEAR
Gold and Silver prices are flat this morning as U.S. stock futures point to an end to a two-day losing streak. Peter Cardillo of Rockwell Global Capital said, “I’m skittish here in the sense that we’re headed for a small pullback [in stocks]. Nothing serious, but again, the pullback will offer investors a good entry point.” Cardillo pointed to Federal Reserve activity as one of the talking points for stocks, similar to the Gold price. “I think the real question surrounding markets in coming weeks is: Will the Fed be forced to reassess economic activity? And I think that’s a good possibility and that means further upward pressure in yields,” he said.
Physical buying of Gold has kept the metal in the black this morning as Asian markets are preparing for the Chinese New Year. Natixis analyst Nic Brown said, “We find ourselves just ahead of Chinese New Year, which seasonally is one of the strongest times of the year for Gold demand, and seven weeks away from the new deadline in the U.S. political system, and we're surprised at how low Gold prices are. If there was a reason for buying Gold, you’ve got two good ones there. If the debt ceiling is used as a political bargaining tool, that would be a potentially ugly time for the U.S. credit rating.”
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,665.20, Up $1.00.
- Silver, $30.47, Down $0.04.
- Platinum, $1,595.40, Down $12.20.
- Palladium, $682.50, Up $13.60.
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