COUNTDOWN TO FISCAL CLIFF; PRESIDENT, BOEHNER IN TALKS
Gold is slightly down this morning after lower-than-expected data in a New York Federal Reserve survey which reflected manufacturers in the district experienced less business. “We're seeing a knee-jerk reaction to the factory data,” Matt Zeman, a strategist at Kingsview Financial in Chicago, said in a telephone interview. “The thinking is that this lays the groundwork for even more Fed action.”
Only 14 days are left for politicians to come to an agreement on spending cuts and higher taxes. As many have witnessed, it appears that President Barack Obama and House Speaker John Boehner have been meeting more often for longer time periods, which is a positive sign that the two are working diligently to resolve this imperative issue. Politico’s Ben White wrote, “Some hurdles remain, but neither side wants to drag a conflict-weary America through dismal, Christmas-week Beltway brinksmanship. Hard to imagine anything we need less as a nation right now.”
At 1 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,697.00, Up $0.00.
- Silver, $32.21, Down $0.07.
- Platinum, $1,609.20, Down $6.30.
- Palladium, $698.40, Down $3.60.
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