PROS BUY GOLD AS FISCAL CLIFF DEAL NEARS
Gold has remained mostly flat and Silver is gaining this morning as more strides are being made toward a fiscal cliff deal. President Barack Obama and House Speaker John Boehner have reportedly come close to a potential agreement to avoid what the Congressional Budget Office says will bring on another recession. Recently, Washington insiders had believed there was a 50-50 chance of “going over the cliff,” but recent strides have them more optimistic now.
Rebecca Patterson, chief investment officer at Bessemer Trust, believes that a great buying opportunity for Gold is at hand. She believes that yields on Treasury bonds, long-used as an argument against Gold, which has no yield, will not be “out of their recent range any time soon … [I am] still a buyer for Gold.” These sentiments are shared by other investing pros like Todd Gordon, co-head of research and trading at Aspen Trading Group, and Andrew Busch, global currency and public policy strategist at BMO Capital Markets.
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,698.20, no change.
- Silver, $32.43, Up $0.18.
- Platinum, $1,612.00, Up $2.50.
- Palladium, $697.00, Down $1.40.
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