Closing Gold & Silver Market Report – 11/19/2012
GOLD FINDS SUPPORT IN 2013; WILL FISCAL CLIFF CAUSE U.S. RECESSION?
“Alternative currency” is the word chosen by ScotiaMocatta to describe Gold in their Precious Metals 2013 Forecast for the yellow metal. The ScotiaMocatta is very bullish for Gold in 2013, estimating support on the low end at $1,600 an ounce with the potential for the metal to reach as high as $2,200. “As faith in policymakers wanes with their handling of the crises, we expect investors will not want all their wealth backed by paper assets and therefore will look to spread their risk by holding Gold and other hard assets,” ScotiaMocatta noted. “Greater monetarisation of Gold is likely to be bullish for prices.”
Many individuals have one concern on their mind and that is how the fiscal cliff may impact them. Federal spending cuts could affect local and state government programs, and looming tax increases can potentially reach all citizens. Ratings agency Fitch is anticipating an unhealthy move in the U.S. economy resulting from the fiscal cliff warning it might trigger a recession, causing the unemployment rate to rise above 10 percent.
At 5 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,733.50, Up $16.80.
- Silver, $33.16, Up $0.74.
- Platinum, $1,580.50, Up $17.70.
- Palladium, $642.70, Up $15.30.
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