Closing Gold & Silver Market Report – 12/5/2012
CONFIDENCE IN “CLIFF” RESOLUTION BOOSTS STOCKS; PHYSICAL GOLD DEMAND STILL STRONG
Precious Metals have ended the day flat while the Dow Jones Industrial Average rallied on news that officials in Washington are making bipartisan strides to avoid the dreaded fiscal cliff. “You get the impression that there’s movement in Washington, that positions are not ideologically hardened,” Hugh Johnson, chairman of Hugh Johnson Advisors LLC in Albany, N.Y., said. President Obama indicated that an accord concerning budget discussions will be reached by next week. The president’s confidence, along with reports of better-than-expected economic data, pushed the Dow up almost 116 points at one point today with the market ending the day up 82 points.
Fund liquidation activated by low price forecasts on the part of Goldman Sachs pushed Gold below $1,700 this week. Despite the recent sell-off and subsequent price dip, demand for physical Gold remains strong as anxiety intensifies as we inch closer to the fiscal cliff. The U.S. Mint recorded its highest November performance numbers in 14 years as central banks transition from being net sellers to net buyers of Gold. Sovereign acquisition of Gold accounted for 455 tonnes of demand in 2011.
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1695.20, Down $0.60.
- Silver, $32.93, Up $0.14.
- Platinum, $1585.90, Up $2.00.
- Palladium, $685.50, Up $2.80.
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