GOLD DIPS; EUROPE FOCUSES ON GREECE’S SUCCESS
After the Federal Reserve announced yesterday that it would begin purchasing Treasury bonds, the price of Gold rose and gave investors a reason to sell off the yellow metal. Today, Gold has experienced a drop in price due to profit-taking coupled with the question of how the fiscal cliff will be handled. “I think the negative concern is that [the fiscal cliff] might push the U.S. in to recession, and recessions generally are bad for Gold,” Adrian Day, president of Adrian Day Asset Management, said. “And of course Bernanke increased those concerns by saying: ‘Hey, we can't do enough to stop a recession if Congress and the White House don't agree.’”
European leaders have joined forces to find a resolution to rescue Greece from a financial collapse. The finance ministers along with the International Monetary Fund have arranged to release 49.1 billion euro in aid to Greece by the end of March 2013. German Chancellor Angela Merkel is hopeful for the nation and the success of the European policy makers. She said, “We have achieved a lot. It was a very laborious year but it was also a year in which we made great progress.”
At 5 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,698.20, Down $19.70.
- Silver, $32.58, Down $1.18.
- Platinum, $1,616.20, Down $31.20.
- Palladium, $691.90, Down $9.30.
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.