Gold Remains Steady Heading Into the Weekend

Friday, 18 January 2013
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Published in Gold Investing
Gold remained steady today heading into the third weekend of January as little news hit the wire that caused any kind of stir. The yellow metal was down, but just over a dollar, as investors and traders chose to keep things quiet today and see what develops next week as we start to head into the second month of 2013.

Positive-Pullback

Gold for February delivery was down $1.40 to come in at $1,689.40 an ounce at the Comex division of the New York Mercantile Exchange. Gold price traded as high as $1,695.10 and as low as $1,684.90 an ounce, while the spot price of the yellow metal climbed by 50 cents.

As stated above, things are pretty quiet overall, which isn’t necessarily a bad thing. As a matter of fact, sometimes it is nice to have a slow day, as far as gold and silver prices go. The news is even nicer, in situations like today, when a slow day equals the yellow metal not losing much.

"Things are pretty quiet on the home front," said Anthem Blanchard, CEO of Blanchard Vault. "My focus is really on interest rates ... and oil ... because if interest rates actually catch up with inflation then that's negative for gold and silver, but as long as interest rates continue to be negative in real terms when taking inflation into account, it's just extremely bullish."

Silver prices for March delivery also dipped, but only by a miniscule 1-cent to come in at $31.80 an ounce. The U.S. dollar index was jumping 0.41% to $80.05. Overall the dollar remained pretty strong as well heading into the weekend.

In another bit of interesting news the Apple earnings report is due out next week, and this will more than likely have an effect on the precious metals world. They may not seem to tie together at first glance, but considering Apple is the most valuable entity in America one would have to imagine that the report will have an effect.

"Even though you would think that that's somewhat unrelated with earnings, you would think that it's somewhat unrelated to gold and silver, but ... they're such a huge economic driver," said Blanchard. "If Apple really outperforms you could say, 'Well, OK, maybe things are coming back a little bit faster,' but if Apple flatlines or decreases a little bit ... I think some will be attributed to little bits of sluggishness."
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Jeremy Holcombe

Jeremy is a seasoned finance writer who has been studying the gold and silver industry for many years. His vast knowledge in the precious metals sector led him to Goldco Direct, where he is now one of their most recognized writers both on the site and around the web. Along with being a senior Precious Metals writer for Goldco Direct, he is frequently featured on many financial sites on the internet where they tap into his knowledge about gold. Jeremy is passionate about educating investors about the yellow metal as its price continues to rise to record breaking levels.