CONGRESS NOT CLOSE TO AVOIDING FISCAL CLIFF
Precious Metals prices and stock futures are lower this morning after statements made yesterday by Senate Majority Leader Harry Reid. Reid said that Republicans and Democrats of Congress are still far apart in agreeing on proper way to avoid the fiscal cliff. Stephen Pope of Spotlight Ideas said, “I can’t believe anyone really believes that in the first serious get-together post-election, anyone will walk out and say, ‘You know what guys, we agree on everything.’ … I think you’re going to see, going forward from here, a repetition of yesterday, with people making grandstanding statements — a bit like how it’s gone in Europe — and trying to flex their muscles.”
With the end of the year just around the corner, many eyes are on Italy as the next country in the eurozone that will need a bailout. Italy is the eurozone’s fourth-largest economy, and with Spain also in a constant state of will-they-or-won’t-they in regards to requesting a bailout, the problems only continue in the region. Citi Analyst Giada Giani said, “Italian economic fundamentals have not really improved, despite some improvement in market conditions. The negative feedbacks from fiscal austerity on growth have been severe.”
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,716.50, Down $27.80.
- Silver, $33.44, Down $0.62.
- Platinum, $1,594.60, Down $24.90.
- Palladium, $652.90, Down $16.30.
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