Morning Gold & Silver Market Report – 1/28/2014
GOLD RECOVERS FROM MONDAY’S DIP
Precious Metals prices have recovered since Monday’s Closing Market Report. Peter Fertig of Quantitative Commodity Research said, “We are looking more and more at the relationship between the movements of the major international stock markets and Gold. That seems to be what's shaping the movement of prices. Last year institutional investors sold Gold significantly, because they expected higher returns on equities. The Precious Metals will only profit as an investment vehicle if there is now a reallocation out of stock markets into commodities.”
The Federal Reserve’s Federal Open Market Committee meeting begins today, and 87 percent of respondents to a recent CNBC poll believe the Fed will announce a further tapering of its quantitative easing program at the meeting’s conclusion Wednesday. Respondents also believe that each of the Fed’s meetings in 2014 will see a tapering of $10 billion in monthly asset purchases.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,261.40, Down $4.50.
- Silver, $19.76, Down $0.08.
- Platinum, $1,421.90, Down $1.20.
- Palladium, $720.30, Down $2.30.
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