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Closing Gold & Silver Market Report – 1/6/2014


Precious Metals are trading flat at the beginning of the week as investors look ahead for any key economic news approaching.  Gold continues to be a positive position for investors as Ross Norman, chief executive officer at Sharps Pixley describes the yellow metal by saying, “In fact, [it’s] the cheapest insurance in town against economic difficulties.”  Jeffrey Wright, managing director at H.C. Wainwright LLC, expects upcoming Federal Open Market Committee (FOMC) minutes and this week’s jobs report to pressure Gold. “I am anticipating the FOMC minutes to reveal a larger consensus for tapering of [quantitative easing] in 2014, and expect a further impact in the near term,” Wright said. “Employment numbers could be mixed; with seasonal holiday hiring in this report. So both data points should be negative for gold after release and could take us back towards $1,200.”

According to an industry report today, the U.S. services sector decelerated for the second consecutive month in December as business activity expanded at a slower rate.  The Institute for Supply Management reported its services index fell from 53.9 in November to 53 in December.  The reading expectation was 54.5 according to a Reuters survey of economists.  

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

  • Gold, $1,239.40, Down $1.70.
  • Silver, $20.21, Down $0.05.
  • Platinum, $1,419.90, Up $3.70.
  • Palladium, $738.80, Up $7.50.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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Our spot prices are subject to change during the following hours, excluding holidays. View current spot prices for Gold, Silver, Platinum and Palladium on our Spot Price Charts page.

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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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