Morning Gold & Silver Market Report – 1/14/2014
RETAIL SALES DATA DOWN AFTER REVISIONS
Gold and Silver are trading slightly lower in early morning trading, and mostly unchanged after retail sales data was released. Though the data showed a rise in retail sales of 0.2 percent for the month of December, November’s data was revised lower by 0.3 percent and October’s by 0.1 percent. The year-end report showed that retail sales rose by 4.2 percent, which is the slowest pace since the end of the recession.
Friday’s disappointing jobs report is still weighing on the minds of economists with regards to the strength of the U.S. economy. The Gold price has remained near a one-month high since the report, which also caused a dip in stocks. Economists are still unsure about Gold’s immediate future, however. Societe Generale analyst Robin Bhar said that the Gold price has “been very steady, helped by a weaker dollar and the fact that (U.S.) bond yields haven't reached the 3 percent level. It probably all lies on the next [Federal Open Market Committee] meeting to see whether the Fed continues with easing back on the tapering and what the position of members is for future months.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,252.10, Down $1.50.
- Silver, $20.42, Down $0.02.
- Platinum, $1,435.20, Down $10.70.
- Palladium, $738.00, Down $2.00.