Morning Gold & Silver Market Report – 12/13/2012
PROFIT-TAKING LOWERS METALS PRICES
Yesterday’s gain in Gold and Silver prices signaled the time to take profits for many investors, which seems to be why we are seeing a lower price today. James Steel of HSBC Securities said, “We view the [Federal Reserve] announcement as bullish, but with market expectations already factored in for some easing, we don’t expect prices to react robustly near-term. In the long run, the ongoing monetary expansion is supportive of Gold, especially if it is a factor weighing on the U.S. dollar.”
Precious Metals prices were little changed after the release of the weekly jobless claims report, which showed that 29,000 fewer people filed for unemployment benefits last week. The four-week moving average also dropped to the lowest level since November 3. These numbers do not affect the unemployment rate, which has become a hot topic since yesterday when the Fed announced that easing would continue until unemployment fell to 6.5 percent.
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,696.90, Down $21.00.
- Silver, $32.78, Down $0.98.
- Platinum, $1,610.50, Down $36.90.
- Palladium, $683.50, Down $17.60.
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