TRADERS BULLISH ON U.S. BUDGET
Congressional leaders and President Barack Obama have publicly sated their optimism for a deal on the nation’s financial situation after only a few hours of talks last week before the president left for a three nation tour. The president reiterated his views Sunday in Bangkok where he said, “I am confident we can get our fiscal situation dealt with.” Traders have seized on this sense of hope and have driven the markets up.
The Gold price also gained overnight as a weaker dollar and Middle East concerns highlighted the safe haven appeal of the Precious Metal. David Govett, head of Precious Metals at Marex Spectron Group in London said about the Gold price’s gain, “The situation in the Middle East continues with Israel continuing it’s targeting of Gaza and this in turn has also led to some buying.” Holdings in Gold-backed exchange-traded products rose to a record 2,603.7 metric tons on Nov 16.
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,733.10, Up $16.40.
- Silver, $32.99, Up $0.57.
- Platinum, $1,570.80, Up $9.00.
- Palladium, $642.00, Up $14.60.
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