Mid-Day Gold & Silver Market Report – 1/16/2014

GOLD STILL EVEN DUE TO LACK OF MOTIVATING FACTORS

Gold and Silver continue to trade even today as a slightly weaker dollar did little to boost metals out of their current trading range.  "Maybe gold has taken a little bit of direction there but there is still a bit of selling preventing a move higher," Mitsubishi analyst Jonathan Butler said.  New economic data is needed to influence investors away from the sidelines.  Speculation surrounding further tapering of the Federal Reserve’s quantitative easing program will likely motivate Precious Metals prices in the near future. 

U.S. stocks fell today as the S&P 500 tumbled from a record high attained on Wednesday.  “A lot of what we saw in 2013 was predicated on money flowing into the market from the Fed. It’s going to be an upwards revision to earnings consensus this year that will push the market higher,” Banyan Partners LLC chief market strategist Robert Pavlik said.  As corporate earnings season continues, stocks will rely more on traditional fundamentals and less on the monetary stimulus that has been so central in motivating equities in recent years. 

At 1:28 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,242.90, Up $2.10.
  • Silver, $20.11, Down $0.07.
  • Platinum, $1,434.90, Up $4.30.
  • Palladium, $743.70, Down $0.30.

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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
4/17/2014 9:04:23 AM EST

Metal Bid Ask Change
Gold $1,301.30 $1,303.30 ($2.20)
Silver $19.59 $19.69 $0.01
Platinum $1,429.70 $1,439.70 $1.90
Palladium $797.50 $802.50 ($0.80)
4/17/2014 9:04:23 AM EST

Click here for Historical Charts*All Charts are in USD


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