Mid-Day Gold & Silver Market Report – 1/9/2014
INVESTORS SHOW RESTRAINT AHEAD OF JOBS REPORT
The Gold price remains flat today as cautious investors await Friday’s non-farm payroll figures. Physical demand for Precious Metals continues to buoy Gold as upbeat economic data weighs on the yellow metal’s short-term prospects. “Demand for gold coins and bars was very strong last year on account of the falling prices, a trend which appears to be continuing at the start of the year,” Commerzbank AG, said. Preliminary estimations predict improvement in the jobs market. Analysts predict Gold and Silver will remain range-bound until the release of tomorrow’s employment numbers.
U.S. stocks have fallen, erasing earlier gains, as investors await the beginning of corporate earnings season and the release of non-farm payroll data. “You could be seeing some anticipation that the jobs number tomorrow could be really high,” Walter Todd, chief investment officer of Greenwood Capital Associates, said. “That could change the timetable for the Fed’s ultimate exit from quantitative easing.” Anticipation of the reduction of quantitative easing measures has been the central motivator in depressing Precious Metals prices over the last year.
At 2:14 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,230.50, Up $2.50.
- Silver, $19.64, Up $0.06.
- Platinum, $1,420.50, Up $4.30.
- Palladium, $737.90, Down $0.40.
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