Morning Gold & Silver Market Report – 1/25/2013
GREED ENTERING THE MARKETPLACE?
Gold and Silver prices are trading slightly lower this morning, and Henrik Drusebjerg of Nordea Bank believes we may be seeing a shift in investor viewpoints. He said, “I guess there’s a tendency to a different mood among investors that has been very dominated by fear of different areas like the debt crisis and the fiscal cliff. Now it seems the fear’s more like, ‘what could I miss? Could I miss any returns if I remain too careful in my investment strategy?’ It’s the beginning of going from fear towards greed.”
The Gold price, however, “will be underpinned by ongoing accommodative central bank activity and it's quite possible that it will find itself moving into more central banks' portfolios,” according to SP Angel analyst John Meyer. The U.S. Federal Reserve is due to make a statement Wednesday, and analysts believe this will give more clues as to future monetary policy, which has been the main driver of the Gold price recently.
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,663.10, Down $8.80.
- Silver, $31.61, Down $0.15.
- Platinum, $1,680.40, Down $3.40.
- Palladium, $726.80, Down $1.00.
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