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.