Daily Gold & Silver Market Report – 1/26/2015

Paul Stevens

1/26/2015 10:27:00 AM

METALS DECLINE FOLLOWING GREEK ELECTION

Precious Metal prices are slightly pulling back during morning trading hours, giving back some of the gains achieved last week. As investors continue monitoring uncertainty in the marketplace, profit-taking and Sunday’s Greek election pressured Gold and other Precious Metals. Analysts at Commerzbank said, “As we had anticipated on Friday, we are now seeing profit-taking in the wake of the expected victory of the radical left-wing Syriza party in the Greek parliamentary elections.”

Equity markets are on the move as investors consider the results of the Greek election and its effect on Gold and the European Central Bank’s bond buying program. When speaking about the election’s effect, Saxo Bank’s head of research Ole Hansen said, “The market expected what we got. Gold's rise to its highest since mid-August last week left it overstretched and it gave back some of that ground once the uncertainty surrounding the election was resolved. … But with trust in central banks reduced, I see this as a buying opportunity once support has been confirmed.”

At 11:27 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,281.50 Down $13.70
• Silver, $18.02 Down $0.34
• Platinum, $1,251.90 Down $16.80
• Palladium, $772.10 Down $3.00

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