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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