GOLD GAINS FOR FIFTH SESSION; LEADERS TO MEET ON FISCAL CLIFF NEXT WEEK
The price of Gold went up for the fifth session in a row today as investors wanting to hedge against an uncertain economic future increased their holdings of the yellow metal. Anticipation over the direction of United States monetary policy in the wake of Tuesday’s presidential election, along with fears about the upcoming fiscal cliff, drove Gold to an increase of 3.5 percent this week. According to RBC Capital vice president, George Gero, “Gold is again acting as the haven as ... the fiscal cliff looms, and eurozone woes increase. More Gold buyers are initiating positions going forward.”
There will be an effort to head off the combination of tax increases and spending cuts that make up the fiscal cliff. President Obama has invited congressional leaders from both parties to talks at the White House next week. The President also expressed an interest in inviting leaders from both labor and business to join the discussion. Although President Obama indicated he was willing to listen to Republican proposals, he stated, “I am not going to ask students and seniors and middle-class families to pay down the entire deficit while people ... making over $250,000 are not asked to pay a dime more in taxes.”
At 5:15 p.m. (EST), the APMEX Precious Metals spot prices were:
• Gold, $1732.20, Up $4.70.
• Silver, $32.67, Up $0.38.
• Platinum, $1,553.90, Up $12.90.
• Palladium, $607.00, Down $8.40.
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