Closing Gold & Silver Market Report – 1/21/2014
GOLD LOWER AHEAD OF TAPER EXPECTATIONS
The Gold price softened today on pressure from the anticipation of another stimulus taper. Gold is looking to break free from the bearish market that saw it lose more than 20 percent of its value during 2013. With quantitative easing (QE) slowing and stocks clawing toward new record highs, value hunting investors are buying Gold and Silver coins and bars at what they perceive to be discount prices.
Stocks finished lower for a third straight session today as corporate earnings data disappointed yet again. “In the short term, continued earnings growth is particularly important,” James W. Gaul, a portfolio manager at Boston Advisors LLC, said. “We are no longer cheap, perhaps not even fairly valued at this point. Investor sentiment is quite optimistic. We need some positive news to get us going.” Stocks will need strong earnings numbers going forward as macro-economic data is taking the place of QE as the central motivator of equities markets.
At 1:45 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,244.10, Down $10.30.
- Silver, $19.96, Down $0.39.
- Platinum, $1,453.50, Down $2.60.
- Palladium, $747.60, Up $1.00.
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