Morning Gold & Silver Market Report – 1/14/2013
Geoffrey Varner
1/14/2013 8:04:00 AM
GOLD GAINS, STOCKS HOLDING STEADY
Chinese export data and investor optimism about fourth quarter earnings helped push the S&P 500 (SPX) up 0.4 percent last week. This two week rally showed the highest trading levels since December 2007. Fed Chairman Ben Bernanke is scheduled to speak today at 4 p.m. from Ann Arbor, Michigan. Economic data may show retail sales growth slowed as 67 percent of the companies that reported fourth quarter earnings last week posted a profit; however, this is the second slowest quarterly growth since 2009.
The Gold price rose overnight as the U.S. dollar lost ground against world currencies. Expectations of aggressive monetary easing from Japan, a stronger euro and physical buying from China also added to Gold’s strength. While the Gold price has a negative correlation to the U.S. dollar, it has a positive correlation to the euro, which moved up as much as half a percent after the European Central Bank kept interest rates unchanged.
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,673.20, Up $10.60.
- Silver, $31.09, Up $0.65.
- Platinum, $1,660.80, Up $29.60.
- Palladium, $708.40, Up $6.00.
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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
