Closing Gold & Silver Market Report – 1/15/2014
GOLD FEELS PRESSURE FROM POSITIVE U.S. ECONOMIC DATA
The Gold price was slightly affected today by better than expected U.S. manufacturing data. The U.S. Federal Reserve reported Wednesday in its Beige Book that the economy continues to show growth and consumer spending is on the rise. Investors expect that as economic factors fortify, the Fed may accelerate tapering measures. “Technically it’s still a buyer’s market, but the increased volatility in recent sessions is a sure signal something’s about to give,” Interactive Investor head of derivatives Mike McCudden said. “News that the World Bank has upgraded its global outlook while U.S. consumer spending surprised to the upside may have brought some calm to the VIX (Volatility Index) but the poor jobs data last week should serve as a reminder that the U.S. economic recovery is still patchy.”
According to the World Bank, global growth is expected to increase in 2014 with a forecast development of 3.2 percent. “Most of the acceleration is expected to come from high-income countries, as the drag on growth from fiscal consolidation and policy uncertainty eases and private sector recoveries gain firmer footing,” the World Bank wrote in its Global Economic Prospects report Wednesday. The global recovery timeframe could be altered depending if the Federal Reserve’s stimulus program tapering is sped up or not.
At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,243.90, Down $4.00.
- Silver, $20.24, Down $0.10.
- Platinum, $1,432.70, Down $3.10.
- Palladium, $742.40, Up $3.50.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.