INVESTORS BELIEVE FISCAL CLIFF DEAL COMING SOON
Gold and Silver have recovered from early morning losses. Tom Kendall, head of Precious Metals research at Credit Suisse, said, “This (move in Gold) is primarily technical, a continuing ease-back after the (Federal Open Market Committee) announcement last week.” Kendall went on to say that Gold traders seem to not be worried about the fiscal cliff, as he stated, “If the markets were very concerned about the lack of agreement to date or the potential impact of the fiscal cliff in the first quarter of 2013, you would expect to see Gold higher than it is, especially considering the relative weakness of the dollar against the euro.”
U.S. stock futures are trading higher this morning, as many expect data to show positive news about manufacturing in the New York region this morning. Also, many investors seem to feel that a fiscal cliff deal is coming. “It’s the fiscal cliff that’s dominating,” said Jacques Porta, fund manager at Ofi Patrimoine in Paris. “We don’t yet have a definitive agreement, but things are taking shape.”
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,698.30, Up $1.30.
- Silver, $32.37, Up $0.10.
- Platinum, $1,608.90, Down $6.60.
- Palladium, $701.60, Down $0.40.
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