Morning Gold & Silver Market Report – 1/16/2013
STOCKS TRADING LOW; GOLD OVERTAKES PLATINUM
U.S. stock futures and Precious Metals are trading lower this morning. Data showed that consumer prices were flat in December thanks to falling energy costs, but the core prices, which do not include food or energy, went up by 0.1 percent. For stocks, earnings season is weighing heavily on prices, but many investors could be waiting for the release of the Federal Reserve’s Beige Book (to be released at 2 p.m.) for more indicators on the Gold price.
The Gold price retook its premium over the Platinum price, as Platinum’s losses were greater than Gold’s. Standard Chartered analyst Dan Smith said, “The trend in Gold and Platinum has been aggressively upwards in recent sessions. We (saw) a little bit of dollar strength today and Platinum is running through a strong technical resistance and also some profit-taking … any pullback in Platinum should however be seen as a buying opportunity for consumers at the moment.”
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,680.70, Down $5.20.
- Silver, $31.36, Down $0.21.
- Platinum, $1,679.90, Down $10.00.
- Palladium, $715.00, Up $0.70.
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