Closing Gold & Silver Market Report – 1/22/2013
GOLD PRICE HITS A HIGH TODAY
As the United States financial markets start a shorten week, Gold price hit its highest point since December 17 of last year. Early in the day, news of Japan continuing its’ monetary easing, followed by two different reports from the U.S., gave the market a boost. Existing home sales and weak manufacturing reports from the Federal Reserve were both signs of slowing economic improvement in the country. Gold has been seen as a safe haven for investors during times of economic uncertainty and today’s movement supports that sentiment.
There was some progress in the debt ceiling talks in the U.S. capitol today. While no major breakthroughs have come to light, it seems like both sides are at least willing to compromise. It looks like there will be a vote to extend the debt limit to give the government more time to work on a solution. While it is not a done deal, everyone involved understands that going through the debt ceiling will have devastating effects on the economy. White House spokesman Jay Carney said, "The bill still has to overcome some concerns expressed by members of the House and the Senate before it can pass both chambers and reach the president's desk. If it does, and it reaches the president's desk, he would not stand in the way of the bill becoming law."
At 5 p.m. (EST), the APMEX precious metals spot prices were:
- Gold, $1694.00, Up $5.00.
- Silver, $32.28, Up $0.31.
- Platinum, $1699.10, Up $25.10.
- Palladium, $727.20, Up $3.50.
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