GOLD DROPS 2 PERCENT; MARKET HOPEFUL FOR FISCAL CLIFF RESOLUTION
Gold tumbled today as investors began to sell off their Precious Metals. It appears that politicians are close to reaching a deal to avoid the fiscal cliff at the end of the month. “If Gold is not able to defend those key supports, one should expect a new wave of technical selling to continue," said Adam Sarhan, chief executive of Sarhan Capital. At 2 percent down, the yellow metal saw one of the biggest drops since November 2.
Senator Bob Corker (R-Tenn.) spoke with CNBC in regards to the fiscal cliff not being resolved by the end of this week, saying, “We are not close to a deal.” He continued, “I've been trying for three weeks — standing on my head, doing cartwheels — to try to pivot to entitlement reform. This is not a deal here.” On the other hand, Senator Kent Conrad (D-ND) feels the progress has been positive, describing President Barack Obama’s proposal as a real deal with the right restrictions in place.
At 5 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,672.30, Down $25.90.
- Silver, $31.68, Down $0.59.
- Platinum, $1,596.90, Down $12.60.
- Palladium, $688.10, Down $10.20.
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