Closing Gold & Silver Market Report – 1/22/2014

PLATINUM REMAINS STRONG AS STRIKES BEGIN; EUROPE TO EXIT DEBT CRISIS SOON

Precious Metals prices fell Wednesday as the U.S. dollar and equities strengthened over the course of the day, which encouraged some profit taking.  Gold has already felt the pressure this year as the U.S. economy continues to reflect growth and stability, along with concerns of further stimulus reduction measures.  The next Federal Reserve policy meeting is set for January 28-29. The market predicts that the Fed will announce its second round of tapering.  Platinum, on the other hand, is the only metal with positive performance today. This is due to Impala Platinum shutting down production at all of its South African operations Wednesday ahead of planned strikes concerning wages. 

Europe’s financial crisis has been a major concern for several years; however some economists suggest they may be exiting there fiscal issues soon.  For instance, Switzerland appears to have escaped its recessionary bonds and may begin to show growth again.  Sir Martin Sorrell, CEO at WPP Group and noted British businessman, said, "I think the answer is yes-ish.  There are two Europes. There's a Western Europe and there's an Eastern Europe. I'm very bullish about Eastern Europe."  Eastern Europe includes Germany, Poland and Russia.  "Everyone expects the euro zone to grow, so that's good. After several years of crisis, it's quite normal to look on the bright side of things, to get excited about improvements," German economist Axel Weber said. "It may be too one-sided of a view."

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,238.90, Down $5.40.
  • Silver, $19.85, Down $0.07.
  • Platinum, $1,460.50, Up $5.00.
  • Palladium, $747.00, Down $1.00.

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Disclaimer:

APMEX’s ‘News and Commentaries’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

US Dollar Prices are in USD

Precious Metal Prices
4/23/2014 10:11:28 AM EST

Metal Bid Ask Change
Gold $1,285.80 $1,287.80 $4.70
Silver $19.40 $19.50 $0.09
Platinum $1,390.50 $1,400.50 $0.20
Palladium $780.90 $785.90 $1.20
4/23/2014 10:11:28 AM EST

Click here for Historical Charts*All Charts are in USD


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