Morning Gold & Silver Market Report – 11/9/2012
FOCUS ON “POTENTIAL FOR A FISCAL-POLICY ACCIDENT” IN U.S.
United States stock futures, Gold, Silver, and Palladium are all trading relatively flat in early-morning trading. Michael Gavin of Barclays said, “The primary market focus seems likely to remain on U.S. politics and the potential for a fiscal-policy accident in the months to come.” He added, “Although we maintain our view that the most likely scenario is an eventual resolution of the fiscal cliff… it also seems likely that the resolution will involve a strong element of brinkmanship that may very well create yet more anxiety and market volatility, as in the summer of 2011’s debate of the U.S. debt limit.”
Chen Min of Jinrui Futures explained how investors are feeling about Precious Metals after the U.S. election. “They believe the (Federal Reserve) will further ease the monetary policy to offset whatever impact that will have on the economy, which will be an incentive for Gold and Silver prices to climb up,” he said. Problems in Greece could be contributing to Gold hitting a three week high, after a vote to approve the 2013 budget law barely passed. Greece needs the law in place in order to receive a new round of aid from the eurozone.
At 9:02 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,733.60, Up $6.10.
- Silver, $32.23, Down $0.07.
- Platinum, $1,559.40, Up $18.40.
- Palladium, $611.70, Down $3.60.
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