Closing Gold & Silver Market Report – 1/9/2013

GOLD WEAKENS MILDLY AS STOCKS RISE; EXPERTS QUESTION PROLONGED MARKET RALLY

Gold is down slightly today following modest gains on Tuesday. Strong earnings for the New Year have increased investor appetite for higher risk assets. However, many will await U.S. budget negotiations to take place in the next two months before committing to equity positions. Many economists speculate that failure to reach a solution to the fiscal dilemma could cause the U.S. to default or experience a credit downgrade. Either scenario could prompt investors to flock to the safe-haven appeal of Gold and other Precious Metals.

Stocks are up today after two days of losses, as confidence in positive corporate fourth quarter earnings are expected. However, some financial authorities including Peter Jankovskis, co-chief investment officer at Oakbrook Investments LLC, are hesitant to express over-confidence in a sustained market rally. “Still, earnings growth is going to be a little bit harder to come by,” Jankovskis said. Along with Jankovskis, analysts at Bloomberg estimate that S&P 500 company profits grew only 2.9 percent in the fourth quarter. This would represent the second-weakest growth since 2009. Reduced business development data could position Gold for another run up in price.

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

  • Gold, $1,659.70, Down $4.50.
  • Silver, $30.42, Down $0.09.
  • Platinum, $1,600.00, Up $16.80.
  • Palladium, $689.30, Up $20.40.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EST)! Or call us Fridays until 6 p.m. (EST)! 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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Disclaimer:

APMEX’s ‘News and Commentaries’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. 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 "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

US Dollar Prices are in USD

Precious Metal Prices
4/17/2014 5:15:48 PM EST

Metal Bid Ask Change
Gold $1,294.60 $1,296.60 ($8.90)
Silver $19.60 $19.70 $0.02
Platinum $1,405.70 $1,415.70 ($22.10)
Palladium $792.10 $797.10 ($6.20)
4/17/2014 5:15:48 PM EST

Click here for Historical Charts*All Charts are in USD


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