PRECIOUS METALS PRICES CONTINUE WITH STEADY MOVEMENT
Precious metals prices remain flat after yesterday’s drop in prices from investors sell offs. Analysts such as Andrey Kryuchenkov, at VTB Capital suggest Gold prices may see little movement until politicians come to a resolution with the fiscal cliff. Kryuchenkov, commented on the news that affected the price of Gold this week he said, “Now that we are clear on the FOMC, the price pullback in gold was triggered by profit-taking before the year end.” The Fed reassured the U.S. economy this week they will do everything in their power to create a stronger financial system with boosting the economy with more stimulus and keeping interest rates low to 2015.
U.S. and European shares declined as investors continue to sit on the sideline waiting patiently for a resolution on the fiscal cliff along with the continued eurozone debt crisis. "The uncertainty that (the fiscal talks) is creating is basically holding the markets hostage in the short term," said Andres Garcia-Amaya, global market strategist at J.P. Morgan Funds, in New York. Although there has been good news for the U.S. economy most recently with a recovering housing market and better than expected jobs report some decide to overlook those facts. “The bad news is, in large part, we've seen the market ignore relatively good news in the economic data stream as we focus on the fiscal cliff," said Art Hogan, managing director of Lazard Capital Markets in New York.
At 1:15 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,697.40, Up $0.60.
- Silver, $32.27, Down $0.06.
- Platinum, $1,616.80, Up $3.00.
- Palladium, $702.90, Up $11.30.
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