GOLD ON RISE AFTER SELLOFF; GLOBAL ECONOMY SHOWING RECOVERY
Gold is on the move as investors flock back to the metal after last Friday’s selloff. “[For] a lot of commodity firms, their fiscal year ended in November, December starts another year, and these guys could have liquidated some [Gold positions] and they could be re-establishing right now,” Phil Streible, senior commodities broker at RJO Futures, said. Another positive for Gold is that a bailout fund has been approved for Greece, as long as the country agrees to purchase its own debt. Today Greece announced they will buy back at least 10 billion euros of the outstanding balance.
The global economy is in its best shape in more than 18 months as China had higher than expected production data for November. Also, China's economy has received a boost as optimism grows for new leadership headed by Xi Jinping, who is expected to increase the financial condition. “The global economy continues to expand next year,” said Peter Sorrentino, who helps manage about $14.6 billion of assets at Huntington Asset Advisors in Cincinnati. “Commodities will not have a ‘shoot the lights out’ year but it should be a profitable year for commodities.”
At 5 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,717.70, Up $5.00.
- Silver, $33.71, Up $0.46.
- Platinum, $1,608.10, Up $2.50.
- Palladium, $690.90, Up $2.60.
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