Mid-Day Gold & Silver Market Report – 1/15/2014

QE EXPECTATIONS PRESSURE GOLD; ECONOMIC FIGURES PUSH S&P TO RECORD HIGH

The Gold price is down from a one-month high today as ongoing speculation surrounding a reduction in Fed stimulus measures strengthens the dollar and weighs on Precious Metals.  “Gold is under pressure because of the good economic recovery outlook,” Frank Lesh, a trader at FuturePath Trading, said.  “The dollar strength is working against prices.”  A poor non-farm payroll report coupled with physical buying of Gold and Silver has been instrumental in lifting prices in the last week.  However, sinking near-term inflationary concerns and a booming stock rally have caused short-term metals investors to temporarily suspend their demand for Gold.  Even with today’s minor retreat, the yellow metal appears to be range-bound as global economic news has yet to be jarring enough to rattle prices from their current levels. 

Strong domestic manufacturing data and upbeat corporate earnings figures assisted in driving U.S. stocks today as the S&P 500 reached a new record high.  "For those suggesting the market 'needs' earnings growth or something along those lines, we'd point out that is exactly what is occurring," Dan Greenhaus, chief strategist at BTIG, said.  Greenhaus and other experts expect the release of fourth quarter earnings numbers to come in more than 20 percent higher than from the prior year.  As metals investors await the impact of further quantitative easing reductions on Gold and Silver, equities investors wonder if the market momentum from 2013 can continue through 2014. 

At 1:12 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,241.60, Down $6.30.
  • Silver, $20.21, Down $0.13.
  • Platinum, $1,430.90, Down $4.90.
  • Palladium, $744.00, Up $5.10.

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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 3:07:32 PM EST

Metal Bid Ask Change
Gold $1,284.90 $1,286.90 $3.80
Silver $19.39 $19.49 $0.08
Platinum $1,395.70 $1,405.70 $5.40
Palladium $781.90 $786.90 $2.30
4/23/2014 3:07:32 PM EST

Click here for Historical Charts*All Charts are in USD


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