Mid-Day Gold & Silver Market Report – 1/20/2014
GOLD SEES STRONGER ETF FLOWS, BATTLING ECONOMY IN 2014
Gold and Silver prices are modestly higher after morning trading, helped by stronger exchange-traded fund (ETF) inflows. Commerzbank analysts said, “If this turns out to signal a trend reversal, it is likely to lend buoyancy to the Gold price. The high outflows from the Gold ETFs observed since the beginning of last year were one major reason for the weak Gold price.”
The main factor facing Gold’s recovery this year is the strength of the U.S. economy. Several economists are projecting U.S. gross domestic product to grow at a 3.0 percent rate in 2014, though many have stated that many more jobs would need to be created to achieve that goal. MarketWatch’s Jeffry Bartash wrote, “Such a scenario is unlikely in 2014. The (American Bankers Association) economic panel, for example, projects hiring will climb to an average of 200,000 a month this year, just a little better than the roughly 180,000 average in both 2013 and 2012.”
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,257.10, Up $2.70.
- Silver, $20.36, Up $0.01.
- Platinum, $1,472.00, Up $15.90.
- Palladium, $748.50, Even.
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