Morning Gold & Silver Market Report – 12/24/2013
Ryan Schwimmer
12/24/2013 8:08:56 AM
LESS RISK OF ‘SHOCKS’ CAUSE FOR GOLD DEMAND CONCERN
Gold and Silver are mostly flat in early morning trading after positive economic data released Monday. Macquarie analyst Matthew Turner said, “There's less risk of shocks because the eurozone crisis seems to have stabilized, some of the emerging market concerns seem to have faded, the U.S. is reducing [quantitative easing] and inflation is going to remain low. Without a major shock, investor demand (for Gold) seems unlikely to pick up.”
U.S. stock futures rose slightly after durable-goods data showed rising confidence in the economy. The U.S. dollar steadied after the report as well. Analysts at BNP Paribas pointed to the recently-announced taper as the reason for the dollar’s recent strength. They wrote, “So far, the conclusion seems to be that the Fed is likely to continue to wind down asset purchases, and this should provide underlying support for the [U.S. dollar].”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $$1,203.30, Up $3.80.
- Silver, $19.50, Up $0.03.
- Platinum, $1,333.30, Up $2.90.
- Palladium, $696.70, Up $1.10.
APMEX will close at 1 p.m. (ET) Tuesday December 24 and remain closed through the Christmas holiday, Wednesday December 25. We will reopen at 8 a.m. (ET) Thursday December 26.
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
