Morning Gold & Silver Market Report – 1/22/2014
METALS UNDER PRESSURE
Gold and Silver prices are mostly flat in early morning trading. Precious Metals are under heavy pressure from a booming stock market, quantitative easing tapering speculation, and a greater global economic recovery. The International Monetary Fund has raised its global growth forecast for the first time since 2012, prompted by advanced nations beginning to take over in growth from emerging nations.
U.S. stock futures are pointing to a lower open for Wall Street, though major stock indexes are outperforming expectations so far this year in the face of adversity. Dan Greenhaus, chief strategist with BTIG, said, “Despite calls for a 20% correction in the face of a taper announcement and yet more calls for a correction in the face of a less-than-stellar start to earnings season, the S&P 500 is basically flat for the year…”
At 9:12 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,243.10, Down $1.20.
- Silver, $19.92, Even.
- Platinum, $1,462.00, Up $6.50.
- Palladium, $748.30, Up $0.20.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.