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

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

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.

Daily Gold & Silver Market Report – 1/23/2015

GOLD DECLINES FROM 5 MONTH HIGH AS ECB MOVE BOOSTS DOLLAR

After Gold moved above $1,300 an ounce Thursday, the European Central Bank’s plan to put out nearly 1 trillion euros to reflate their economy has hindered the metal, due in part to the euro hitting an 11 year low against the dollar. Saxo Bank Head of Commodity Strategy Ole Hansen said, “Gold was completely dislocated from the dollar yesterday, meaning that euro-Gold is the best performing commodity this year, helping dollar Gold stay fairly stable around $1,300 [per ounce].”

Despite oil being at an all-time low, with elections next year, some see soaring gas prices to come. Former Shell Oil President John Hoffmeister said, “Over the next several years, as demand growth approaches 100 million barrels a day and the industry production falls short, yes, I believe later this decade we'll see $5 a gallon and possible shortages of fuel in some parts of the world.”

At 12:20 P.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,292.20 Down $11.00
  • Silver, $18.32 Down $0.09
  • Platinum, $1,270.20 Down $14.60
  • Palladium, $773.90 Up $0.60

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.

Daily Gold & Silver Market Report – 1/23/2015

Gold declines from 5 month high as ECB move boosts dollar

After Gold moved above $1,300 an ounce Thursday, the European Central Bank’s plan to put out nearly 1 trillion euros to reflate their economy has hindered the metal, due in part to the euro hitting an 11 year low against the dollar. Saxo Bank Head of Commodity Strategy Ole Hansen said, “Gold was completely dislocated from the dollar yesterday, meaning that euro-Gold is the best performing commodity this year, helping dollar Gold stay fairly stable around $1,300 [per ounce].”

Despite oil being at an all-time low, with elections next year, some see soaring gas prices to come. Former Shell Oil President John Hoffmeister said, “Over the next several years, as demand growth approaches 100 million barrels a day and the industry production falls short, yes, I believe later this decade we'll see $5 a gallon and possible shortages of fuel in some parts of the world.”

At 12:20 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,292.20 Down $11.00
  • Silver, $18.32 Down $0.09
  • Platinum, $1,270.20 Down $14.60
  • Palladium, $773.90 Up $0.60

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.

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