Morning Gold & Silver Market Report – 1/18/2013
CHINA’S ECONOMY, U.S. MANUFACTURING KEEP METALS FLAT
Gold and Silver are mostly flat this morning after economic data showed China’s economy grew 7.9 percent in the fourth quarter compared to last year, which was well above forecasts. The safe haven appeal of Gold received a boost after the Federal Reserve Bank of Philadelphia’s regional manufacturing gauge showed disappointing results. Strategists at Credit Suisse said, “Within Precious Metals, Platinum and Palladium continue to show the strongest technical picture, and further upside is possible. While looking less attractive in relative comparison, Gold and Silver are also showing signs of a momentum bottom.”
Troubles in the eurozone continue to mount, and one country that has been out of the headlines recently is still very much a problem. Spain may not need a bailout soon, but risks are present and future flare-ups are possible, according to Nicholas Spiro of Spiro Sovereign Strategy. Ishaq Siddiqi of ETX Capital said, “We would caution turning bullish on Spanish stocks during the first half of this year given there are still plenty of hurdles and unknowns in the way before investors should switch the bullish signals on.”
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,694.50, Up $1.70.
- Silver, $32.01, Up $0.16.
- Platinum, $1,681.00, Down $19.50.
- Palladium, $724.00, Down $3.20.
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