Mid-Day Gold & Silver Market Report – 1/24/2013

GOLD STILL SEEKING TO BREAK THROUGH $1,700

The Gold price has fallen again today as the metal continues to struggle to break through the $1,700 barrier. Following the temporary deferment of U.S. debt ceiling discussions and better-than-expected initial jobless data, Gold has pulled back further from one-month highs. However, many analysts are still bullish on the future of Gold as a safe-haven investment. Peter Grant, chief market analyst at USAGold said Thursday that Gold, “Still has very strong underpinnings. Talk this week has focused on the latest [Bank of Japan] policy moves, and an expectation that super-accommodative monetary policy is in fact going to prevail for some time.”

U.S. equity markets have moved up again today as positive economic data has moved the S&P 500 and Dow Jones Industrial Average in the opposite direction of precious metals. Today’s gains on the S&P mark the first time the index has moved above 1,500 since December 2007. Affirmative domestic economic data was mirrored overseas as reports showing an increase in Chinese manufacturing and a German economy leading the way to eurozone recovery boosted global shares. Though the recent market rally and optimistic economic information have temporarily curbed the Gold price, ongoing monetary stimulus could continue the appeal of precious metals as the printing of “new money” raises inflationary fears among investors.

At 1:20 p.m. (EST), the APMEX Precious Metals spot prices were:

  • Gold, $1,669.70, Down $19.00.
  • Silver, $31.70, Down $0.78.
  • Platinum, $1,684.00, Up $7.80.
  • Palladium, $725.80, Down $1.50.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EST)! Or call us Fridays until 6 p.m. (EST)! If you have any questions about investing in precious metals or simply would prefer to place your order by telephone, we are here to help.

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Disclaimer:

APMEX’s ‘News and Commentaries’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

US Dollar Prices are in USD

Precious Metal Prices
4/17/2014 5:15:48 PM EST

Metal Bid Ask Change
Gold $1,294.60 $1,296.60 ($8.90)
Silver $19.60 $19.70 $0.02
Platinum $1,405.70 $1,415.70 ($22.10)
Palladium $792.10 $797.10 ($6.20)
4/17/2014 5:15:48 PM EST

Click here for Historical Charts*All Charts are in USD


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