Afternoon Market Update: Jan 14 - Gainesville Coins News
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Afternoon Market Update: Jan 14

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Afternoon Market Update: Jan 14

Spot gold closed in New York up $5.10 (0.31%) to $1,668.80, while platinum closed up a big $26.00 (1.60%) at $1,665.00.  As economic sentiment in Europe grows, platinum should get a boost due to its many industrial uses, especially in the automotive industry.

Silver closed up 64 cents (2.10%) at $31.18, and palladium closed up $6.00 at $709.00.

U.S. markets were mostly unaffected by speeches from President Obama and Fed Chairman Bernanke today, who both iterated their warnings about not raising the debt ceiling.  Republicans in turn reiterated their stance that the debt ceiling would not be raised unless substantial spending cuts were included in the same deal. The markets are mostly shrugging off the rhetoric for now, with the deadline for a deal still a month away. Stocks and the dollar ended essentially flat for the day.

News that Japan's central bank would be buying U.S. Treasury notes is welcome news to the Fed, which is still buying a total of $85 billion in debt a month to keep interest rates low and pump even more liquidity into the economy. Officials in Europe are declaring that the worst is over in that troubled collective economy, which has seen the euro increasing its strength versus the dollar. A weaker dollar means higher precious metals prices, since they are priced in dollars.

by David Peterson

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