GOLD RISES ON FED SURVEY RESULTS; FISCAL CLIFF DEAL WON’T GUARANTEE GROWTH
Responding to a Federal Reserve Bank of New York survey that indicated regional manufacturing business had worsened in December, the Gold price rose slightly in afternoon trading to end the day just under $1,700. Darin Newsom, a Telvent DTN senior analyst, said that after the survey, “we did see a bit of short-covering come into the Gold market … normally how [investors] would react to a bearish economic report.” Silver ended the day barely up, while Platinum and Palladium both ended the day down.
One prominent investment advisor is warning that even if a deal is worked out in Washington, it won’t guarantee growth in 2013. In an interview today, Mohamed El-Erian, CEO and co-CIO of global investment management firm PIMCO, said that even with a deal in place, this country can still expect soft growth for a prolonged period, stating, “If we avoid the fiscal cliff … then we [are] still looking at still sluggish growth of 1.5 to two percent next year.” Although El-Erian believes a deal will be reached within the next week, he cautioned that political support could be threatened if the details were to come out prematurely.
At 5 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,699.20, Up $2.20.
- Silver, $32.32, Up $0.04.
- Platinum, $1608.90, Down $6.60.
- Palladium, $700.50, Down $1.60.
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