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Morning Gold & Silver Market Report – 1/2/2014


Gold has risen slightly on Friday following Thursday’s strong rally.  Lower equities, physical demand from China, and bargain hunting are the central motivators of the metal’s price hike.  “The attempted sell-off (on Tuesday) through the $1,184 level...didn't really trigger any follow-through selling (and) gave some potential buyers the confidence to move back in," Ole Hansen, head of commodity strategy at Saxo Bank, said.  Gold has remained in a relatively tight trading range since last month’s decline following the announcement of an initial Fed stimulus taper.  "Positive bullion prices in reaction to the decline in equities may set the tone for 2014 and reinforce the negative correlation between the two," HSBC analysts said.

U.S. stocks are trading higher this morning following yesterday’s weak performance as investors await a speech from Federal Reserve Chairman Ben Bernanke regarding the strength of the U.S. economy.  “The comments are likely to be quite upbeat overall given that the Fed’s tapering process is already underway,” Michael Every, head of financial-markets research for Asia-Pacific at Rabobank International in Hong Kong, said.  The reduction of quantitative easing has had little impact on stocks.  As Bernanke prepares to exit his role as Fed chairman, investors will look to his replacement, Janet Yellen for insight into monetary policy initiatives.

At 10:13 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,235.30, Up $7.60.
  • Silver, $20.19, Up $0.01.
  • Platinum, $1,412.10, Up $5.50.
  • Palladium, $728.60, Down $1.60.

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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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