Morning Gold & Silver Market Report – 1/3/2013
Geoffrey Varner
1/3/2013 8:03:00 AM
STOCKS TAKE BREATHER AFTER NEW YEAR RALLY
The first trading day of 2013 saw the U.S. stock exchange alive with activity posting its biggest ever first session of the year. This is being credited to Congress and President Obama coming to an agreement on the tax portion of the budget crisis. This morning, however, in a post recovery style hang over, the Dow Jones Industrial Average has slipped in early trading, as has the Nasdaq. The news-hungry markets are now looking toward today’s release of the minutes from the Federal Reserve meeting from Dec. 11-12.
The Gold price has eased off yesterday’s recovery highs on a stronger dollar. In fact, the dollar hit a three week high against a basket of currencies while the euro dropped to a low it hasn’t seen since mid December. David Jollie, strategic analyst at Mitsui Precious Metals said, “The deal to avoid a fiscal cliff has booted some problems into the long grass by a considerable distance, but there are still issues out there such as expanding the debt ceiling, which could prove to be difficult negotiations.”
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,677.10, Down $12.20.
- Silver, $30.85, Down $0.17.
- Platinum, $1,574.80, Up $7.80.
- Palladium, $700.10, Down $8.80.
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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
