Morning Gold & Silver Market Report – 1/16/2014
GOLD JUMPS AS STOCKS LOSE SOME APPEAL
At the end of a rather slow week for the Precious Metals market, Gold is realizing modest gains as investors exit equity positions. Following data that reflected a contraction in the numbers of U.S. homes built in December, stock index futures fell as the market digested the lackluster housing numbers. “Until the air starts to come out of the in-my-opinion presently overly inflated stock-market balloon,” Gold will remain under pressure, one Precious Metals expert, said. On top of poor home constructions figures, analysts predict a general slow-down in industrial production from November to December.
U.S. stocks futures remain even as corporate earnings season continues. “As Intel shows, it is becoming increasingly evident that investors are judging corporate earnings on a case-by-case basis,” Richard Hunter, head of equities at Hargreaves Lansdown Plc, said. “There is no firm theme emerging from what had already been lowered expectations.” Both metals and equities remain teetering in anticipation of the future of quantitative easing.
At 10:00 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,251.00, Down $8.30.
- Silver, $20.32, Up $0.22.
- Platinum, $1,449.70, Up $16.20.
- Palladium, $748.90, Up $5.00.
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