Mid-Day Gold & Silver Market Report – 12/24/2013
Peter LaTona
12/24/2013 11:55:35 AM
PRECIOUS METALS UP SLIGHTLY AHEAD OF HOLIDAYS
Precious Metals prices edged slightly higher through mid-day trading as markets close early before the holidays. After the recent market movement and Gold prices down more than 28 percent for the year, many investors are beginning to wonder if the market can regain its momentum and are looking for direction. Art Cashin of UBS said, “Velocity in the money supply may get the Fed into a minor panic, and I think they may overstep themselves by accelerating tapering that would be disruptive to the market.”
Extending their record for benchmark indexes, U.S. stocks slightly rose on Tuesday. Recently released data for new home sales exceeded expectations and with durable goods sales also up, have provided a boost to consumer confidence and the dollar. When asked his thoughts on the current marketplace Eric Teal, chief investment officer at First Citizens BancShares Inc. said, “General economic conditions are showing a sustainable recovery pattern, I think we’ll continue to grind higher through year-end and we anticipate that the fourth-quarter earnings outlook will be positive as well.”
At 12:55 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $$1,206.20, Up $6.70.
- Silver, $19.54, Up $0.07.
- Platinum, $1,337.30, Up $6.60.
- Palladium, $695.80, Up $0.20.
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
