Morning Gold & Silver Market report – 12/26/2013
Ryan Schwimmer
12/26/2013 8:28:38 AM
CONTRARIAN VIEW HAS GOLD GAINING
Gold and Silver prices were boosted in early morning trading after the release of the weekly jobless claims report. Some analysts with a contrarian point of view believe that all the negative talk about Gold in 2013 is a good sign for Gold in 2014. Julian Jessop, head of commodities research at Capital Economics said, “The consensus is that the price of Gold will grind lower in 2014, at best, as the support from loose U.S. monetary policy gradually weakens. In contrast, with investor sentiment already so heavily negative, our view is that the risks for the coming year are firmly skewed to the upside.” Jessop said that a number of looming headwinds such as eurozone instability were expected to help the Gold price this year, but next year could be a different story.
The jobless claims report showed a decline in new claims of 42,000, which is the biggest drop in over a year. Stock indexes also gained after the report. The Dow Jones Industrial Average is looking for its sixth straight record close and 50th record close for the year today, while the S&P 500 is looking for its third in a row and 44th overall. Japan’s Nikkei 225 index rose to a six-year high in overnight trading.
At 9:23 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,215.70, Up $9.90.
- Silver, $19.99, Up $0.45.
- Platinum, $1,368.00, Up $28.90.
- Palladium, $702.70, Up $7.30.
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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
