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Closing Gold & Silver Market Report – 1/10/2013


Gold’s price received a boost today after the European Central Bank (ECB) indicated it would not cut interest rates in the near future. ECB President Mario Draghi has concluded the eurozone will continue to struggle with growth for the majority of 2013, and he suggested a slow recovery in the latter part of 2013. “Gold was oversold after the Fed minutes. I don't see the Fed will be doing anything to withdraw stimulus soon,” Bill O'Neill, partner of commodities investment firm LOGIC Advisors, said. “Clearly, Mario Draghi is leaving room for accommodation, and the overall global pattern of central bank easing continues to be there.”

The Bloomberg Consumer Comfort Index slightly fell to minus 34.4, the largest one-week drop since August. The weaker consumer confidence comes from higher U.S. payroll taxes that begin this year along with an increase in U.S. jobless claims. “Consumers are coming to the realization that their take-home pay is going to get smaller,” Richard Yamarone, a senior economist at Bloomberg LP in New York, said. “That will translate into weaker spending. I expect the economy will spin its wheels for many months until the jobs picture, and associated incomes, improves.” The tax that funds Social Security benefits increased from 4.2 percent back to the previous level of 6.2 percent after last week’s approval from Congress.

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

  • Gold, $1,677.30, Up $19.80.
  • Silver, $30.90, Up $0.62.
  • Platinum, $1,632.30, Up $32.30.
  • Palladium, $702.80, Up $13.60.

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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.


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