FISCAL CLIFF COULD FINALLY PUSH GOLD OVER $1,800
The Precious Metals market is experiencing little movement today due to the holiday. Analysts foresee Gold being supported at the $1,800 level with the fiscal cliff approaching in the next two months. “There is potential for further upside in Gold prices, but it crucially depends on how Wall Street will react,” Peter Fertig, a Quantitative Commodity Research consultant, said. “If economic data in coming weeks comes in stronger than expected, we could see a re-test of the early-October highs near $1,800.”
The Greek parliament has come to an agreement for new austerity measures in 2013 along with a structural development plan to meet the requirements for the next release of 31.5 billion euros for use as emergency loans for the eurozone. It is still unknown whether Greece will be completely bailed out of its financial crisis as a compliance report by the troika calculated a total of 32.6 billion euros would be needed by 2016 in order to sustain the fiscal disaster. “I'd like to see if Greece has fulfilled all its obligations and then I'd like to hear the (EU/IMF) troika report because it depends on the Greek government having found a solution with the troika, and I haven't read anything on that,” German Finance Minister Wolfgang Schaeuble said.
At 5 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,729.40, Down $3.00.
- Silver, $32.46, Down $0.19.
- Platinum, $1,562.80, Up $4.90.
- Palladium, $608.00, Down $4.00.
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