Morning Gold & Silver Market Report – 12/03/2012

12/3/2012 8:07:36 AM By: Geoffrey Varner

GOLD STARTS DECEMBER STRONG

The Gold price started December strong on positive manufacturing news from China, regaining some of the footing lost in November. The data from a private manufacturing purchasing-managers index came in slightly stronger than anticipated. In addition, the Gold price could stabilize after last week’s sell off. A strategist at Credit Suisse wrote in a research note that the sell off “appears absorbed and we think prices should now stabilize before a modest recovery could take place towards the end of the year. The seasonal weakness of the U.S. dollar in December should also help.”

Closer to home, the fiscal cliff is being set up as a holiday showdown between the two government powers. Last week saw both the president and the Republican leadership sparring with words over the spending cuts and tax increases due to be implemented early in 2013. The past three Christmas seasons showed us similar eleventh-hour developments that ended up being resolved: 2009 health care, 2010 tax cut, and 2011 payroll tax holiday. Maybe we are getting used to this type of last minute resolution.

At 9 a.m. (EST), the APMEX Precious Metals spot prices were:

  • Gold, $1,718.10, Up $5.40.
  • Silver, $33.68, Up $0.42.
  • Platinum, $1,601.80, Down $3.80.
  • Palladium, $683.40, Up $4.80.
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 ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
6/20/2013 7:12:59 AM CST

Metal Bid Ask Change
Gold $1,304.40 $1,306.40 ($69.60)
Silver $20.16 $20.26 ($1.49)
Platinum $1,394.60 $1,404.60 ($21.30)
Palladium $677.00 $682.00 ($14.40)
Last updated : 6/20/2013 7:12:59 AM CST

Click here for Historical Charts*All Charts are in USD

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