Daily Gold & Silver Market Report – 1/30/2015
Jennifer Carter
1/30/2015 8:40:00 AM
GOLD ENDS MONTH UP NEARLY 7% ON ECB UNCERTAINTY
The European Central Bank has kept Gold on track for its biggest monthly gain in 1 1/2 years. The metal is starting up today, despite Thursday’s two percent drop. Gold pulled back yesterday with the expectation U.S. interest rates will increase this year. Julius Baer analyst Carsten Menke said, “We're expecting the first interest rate hike early in the fourth quarter, in October. That's when we think there will be more pressure on Gold, because people realize that the interest rate cycle is moving against then.”
Oil investors are now feeling the effects of falling gas prices. Brent crude prices had the largest monthly drop since 1988, when Reuters records started. “The only thing people are noticing now is that gas prices are dropping,” Sean Wheeler, co-chairman of Latham & Watkins LLP’s oil and gas team, said. “People haven’t noticed yet that it’s also hitting their portfolios.”
At 9:36 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,264.00 Up $6.10
- Silver, $16.94 Up $0.11
- Platinum, $1,221.10 Up $3.80
- Palladium, $777.30 Up $4.70
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.
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
