Closing Gold & Silver Market Report – 1/16/2014
GOLD FINISHES FLAT AS INVESTORS AWAIT DIRECTION
The Gold price closed today with a slight boost from mid-day trading. A decline in the strength of the U.S. dollar along with slipping U.S. equity markets helped provide Gold with the boost needed to finish the day with a gain for the first time in three sessions. When asked his opinion on Gold’s direction, H.C. Wainwright managing director Jeffrey Wainwright said the upcoming keys for Gold are “signs of risk on or risk off via the equity markets and the inverse impact to Gold.”
U.S. stocks finished Thursday mostly lower based on the release of earnings data that disappointed the market. Jim Russell, senior equity strategist for U.S. Bank Wealth Management, said, “There's a shift from the rising tide lifting all boats in 2013 related to the [U.S. Federal Reserve] policy of [quantitative easing] to much more disparity between winners and losers, which we're starting to see in the retail area and the financial area. Some are able to execute in this slow-growth environment, others maybe not.” With Gold historically having a safe-haven appeal and our markets struggling, investors may begin to look away from risk-richer asset classes like equities and turn to Gold to provide balance.
At 5:20 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,244.70, Down $3.90.
- Silver, $20.14, Down $0.05.
- Platinum, $1,436.00, Up $5.40.
- Palladium, $744.10, Up $0.10.
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