Daily Gold & Silver Market Report – 1/16/2015
Paul Stevens
1/16/2015 8:12:00 AM
GOLD GAINS AS INVESTORS DIGEST SWISS NEWS
Precious Metal prices are seeing little movement during early morning trading. A day after Gold posted its biggest weekly gain and hit a four month high, investors are digesting news that the Swiss National Bank unexpectedly removed the cap on the Swiss franc. This in turn has added more volatility to an already fragile market and prompted investors to turn away from riskier assets and seek Gold as a safe-haven. Citi analyst David Wilson said, “We've had a very modest pullback in the Gold price so far today and the question now is: has the market priced in the [European Central Bank] quantitative easing. The drivers for Gold at the moment seem to be more about the risk aversion.”
Stocks around the world are declining as investors continue recovering from Thursday’s surprise move by the Swiss National Bank, which has created uncertainty for investors already concerned with a global economic slowdown. Patrick Spencer, head of U.S. equity sales at Robert W. Baird & Co, said, “A lot of nervousness continues to create uncertainty and selling in the market. We have seen slightly weaker earnings numbers in the [United] States, concerns about Europe and world growth. You are going to need some quite significant [quantitative easing] from the ECB to stem the flood short term.”
At 9:12 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,268.80 Up $2.00
- Silver, $17.21 Up $0.06
- Platinum, $1,265.00 Up $2.20
- Palladium, $755.50 Down $11.90
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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
