Mid-Day Gold & Silver Market Report – 1/17/2014
PRECIOUS METALS CLIMB AS OTHER MARKETS STRUGGLE
Precious Metal prices continued to climb through mid-day trading. As investors digest this week’s disappointing U.S. data, many are becoming uncertain of the U.S. economic recovery and expect rising interest rates. Bank of America Merrill Lynch analyst Michael Widmer said, “The U.S. data may not be uniformly good but it is not as bad as it used to be and the main thing now is that investors anticipate an increase in interest rates in the United States.”
U.S. consumer confidence unexpectedly declined in January. Last week’s employment figures showing the slowest growth in almost three years, higher home prices and mortgages, and various other factors all have investors watching the market as consumers taper their spending. Michael Moran, chief economist at Daiwa Capital Markets America Inc., said, “The numbers tell us consumers are still likely to be cautious in spending. I’m expecting to see some cooling off in spending in the first quarter.”
At 1:50 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,255.30, Up $12.50.
- Silver, $20.38, Up $0.28.
- Platinum, $1,456.90, Up $23.40.
- Palladium, $747.00, Up $3.10.
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