U.S. TO HIT DEBT CEILING MONDAY, IS THIS THE REAL ISSUE?
Gold and Silver prices are mostly flat this morning as investors continue to await news on the fiscal cliff negotiations in Washington. While the politicians seem to be showing no sense of urgency on the matter, many still expect a deal by the end of the year, or very shortly after. Afshin Nabavi of MKS Finance said, “If the politicians reach an agreement on the fiscal cliff, the dollar could suffer and there could be more investment into Gold. Every time we go to the lows near $1,650, there seems to be good buying.”
With the clock ticking on a fiscal cliff deal, it seems that all eyes are on that matter. However, as APMEX CEO Michael Haynes wrote last week, the U.S. is set to hit the debt ceiling Monday. Treasury Secretary Timothy Geithner wrote Congress Wednesday to remind them. His letter read, “I am writing to inform you that the statutory debt limit will be reached on December 31, 2012, and to notify you that the Treasury Department will shortly begin taking certain extraordinary measures authorized by law to temporarily postpone the date that the United States would otherwise default on its legal obligations.”
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,657.40, Down $3.80.
- Silver, $30.03, Down $0.02.
- Platinum, $1,538.80, Up $1.90.
- Palladium, $702.70, Up $10.30.
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