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.
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