MARKETS DOWN ON DOMESTIC, GLOBAL CONCERNS
The Dow Jones Industrial Average and S&P 500 continue their downward slide as concerns over the impending “fiscal cliff” punish the stock market. “The fiscal cliff jars the economy at a time when it does not need to be disturbed too much, it's the last thing people want,” Jim Russell, chief equity strategist for U.S. Bank Wealth Management, said. The Dow plummeted more than 185 points while the S&P slid 19 points, concluding the day with each index at its lowest point since June. Distress is plaguing investors on many fronts these days as anxiety over European debt, geo-political tension in the middle-east and the ubiquitous worry over the U.S. fiscal cliff persist, leaving individuals desperate for safe investment vehicles.
Despite the massive downturn in equities markets, Precious Metals prices remained relatively stable today. Gold continues to linger around the $1,730 range as Silver, Platinum and Palladium all retained relatively flat levels. Though there was little movement today, economic analysts remain bullish on the prospect of Gold. Dublin-based Mark O’Byrne, executive director at GoldCore, said, “Positive comments about the ‘fiscal cliff’ may lead to downward pressure on Gold bullion. However, the scale of the fiscal challenges facing President [Barack] Obama and Congress mean that any weakness will likely be short-term.”
At 5 p.m. (EST), the APMEX precious metals spot prices were:
- Gold, $1728.90, Up $2.10.
- Silver, $32.77, Up $0.23.
- Platinum, $1589.20, Up $2.80.
- Palladium, $638.50, Up $0.90
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