Morning Gold & Silver Market Report – 1/23/2013
VOTE EXPECTED TODAY ON DEBT CEILING
The Gold price is relatively flat while the Silver price is on an upswing this morning. Many investors seem to be waiting on the results of a vote to temporarily increase the debt ceiling until a longer term resolution can be put in place. Regarding the long-term picture for the Gold price, Standard Bank analyst Walter de Wet said, “We continue to see a lot of monetary easing from the Bank of Japan and other central banks, and we think ultimately this will pick up Gold sentiment once again.”
With the House of Representatives set to vote on the debt ceiling later today, some strategists are warning of the risks of the resolution failing to pass. The U.S. stock market is seeing an uptrend across the board since the beginning of the month, but these strategists say that can go away without a resolution. “The market is very dependent on government action. Any type of messy behavior or inconclusive action from the government has tremendous potential to derail this rally, which is almost predicated fully on government action,” Adam Sarhan of Sarhan Capital said.
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,694.50, Down $0.70.
- Silver, $32.37, Up $0.16.
- Platinum, $1,700.70, Up $2.20.
- Palladium, $725.30, Down $5.60.
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