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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.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EST)! Or call us Fridays until 6 p.m. (EST)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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