Closing Gold & Silver Market Report – 1/24/2013

MORGAN STANLEY REMAINS BULLISH FOR GOLD; SPAIN’S CHALLENGING UNEMPLOYMENT RATE

A strengthened U.S. dollar turned Gold’s price down today as the Jobless claims fell for the second straight week. However, Morgan Stanley is optimistic for the yellow metal with a bright forecast of $1,720 for 2013 and $1,600 in 2014. “We expect that very low nominal interest rates, an ongoing commitment to QE3 and a below-par recovery with attendant pressure on the dollar will still combine to encourage investment buying of gold,” Morgan Stanley said in the report.

Spain received some disturbing news today as the National Statistics Institute reported the unemployment rate rose to 26 percent in the fourth quarter of 2012. The bond market is showing a successful recovery as Spain’s treasury raised 7 billion euros of ten-year bonds this week. Nicholas Spiro, the managing director of Spiro Sovereign Strategy said, "The scale and severity of the downturn in Spain shows no signs of abating and is likely to persist for some time yet…Make no mistake about it, foreign investors are not returning to Spain's debt market because the economy is on the mend.  This is a hunt for yield eerily reminiscent of the convergence trade at the time the euro was launched."

At 5 p.m. (EST), the APMEX Precious Metals spot prices were:

  • Gold, $1,669.10, Down $19.60.
  • Silver, $31.68, Down $0.80.
  • Platinum, $1,682.80, Down $9.00.
  • Palladium, $728.50, Up $1.30.

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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
4/23/2014 9:22:08 PM EST

Metal Bid Ask Change
Gold $1,285.40 $1,287.40 $0.80
Silver $19.37 $19.47 ($0.02)
Platinum $1,394.10 $1,404.10 $0.20
Palladium $783.40 $788.40 $1.40
4/23/2014 9:22:08 PM EST

Click here for Historical Charts*All Charts are in USD


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