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Closing Gold & Silver Market Report – 1/17/2013

OPTIMISTIC U.S. NEWS BOOSTS METALS; AAA STATUS IN JEOPARDY

Precious Metals prices edged up today as the Labor Department confirmed weekly unemployment benefit applications dropped to the lowest level since January 2008. Also, the Commerce Department stated that new home construction rose by 12.1 percent in December, proving the U.S. economy is experiencing growth. U.S. credit rating agency Fitch announced earlier this week the U.S. could potentially lose its AAA status if there is a repeat of the 2011 fiasco over increasing the country's debt. “The broader debate that is going to happen in the U.S. in the run-up to the debt ceiling crisis point at the end of February is going to be supportive of gold. Talks of downgrades from the major rating agencies will be part of it,” Credit Suisse analyst Tom Kendall said.

Crude oil prices rose today after a natural-gas plant attack in Algeria by Islamist militants, which resulted in a fatal hostage situation. “The nasty reawakening of geopolitical tensions always carries a premium for energy prices,” Matthew Parry, senior oil-market analyst at the International Energy Agency, said.

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

  • Gold, $1,689.20, Up $4.00.
  • Silver, $31.79, Up $0.21.
  • Platinum, $1,694.30, Up $0.20.
  • Palladium, $726.90, Down $0.60.

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Disclaimer:
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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