Mid-Day Gold & Silver Market Report – 1/17/2013
PLATINUM AND PALLADIUM ON A RUN; S&P AT HIGHEST LEVEL IN OVER FIVE YEARS
Optimistic U.S. housing and jobs data has boosted stocks and increased the appetite for commodities; thus, Platinum and Palladium are trading at their highest levels in months. Platinum and Palladium have lived in the relative shadow of Gold and Silver as their application is largely industrial. If global manufacturing output and employment data continues to improve, Precious Metals investors could become bullish on these metals as their consumption could increase to keep up with industrial demand.
Stocks are on the rise following positive economic data. Encouraging housing data and better-than-expected numbers concerning jobless claims have driven the S&P 500 up for a third straight day, bringing the index to its highest level since December 2007. “This is a big technical level and if we hold, the [S&P 500] can rise to at least 1,507-1,520 before hitting another resistance,” Platinum Partners President Uri Landesman said. “But we still have issues with the debt ceiling and as the lack of cooperation between the two parties continues throughout the quarter, we're going to get people who are nervous.” Investors continue to await a debt resolution. The closer we get to current deadlines could have an interesting impact on markets and drive individuals to the historical investment asylum of Precious Metals.
At 1 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,696.60, Up $11.40.
- Silver, $31.93, Up $0.35.
- Platinum, $1,699.90, Up $5.30.
- Palladium, $728.10, Up $0.70.
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