STOCKS LOWER AS FISCAL CLIFF SEEMS MORE LIKELY
U.S. stocks continued their declines into the fifth day of trading on worries that politicians would not be able to find agreement on the fiscal cliff budget impasse before the end of the year. Chip Cobb, portfolio manager at BMT Asset Management, said “There might be some last-minute Hail Mary resolution, or a chance there is some tax agreement, but I don’t think there will be any spending agreement” before the end of the year. At this point the markets are prepared for the political antics to continue for the first few weeks of 2013.
The Gold price is up around 6 percent on the year but is well below its record high of nearly $1,920 set back in September 2011. For the day, the Gold price is trending down along with equities. As Gold closes out 2012, it is seeing its twelfth year of gains due to continually low interest rates, eurozone stability concerns and high demand from central banks. Global gold demand in 2013 is predicted to be led by a recovery in India and strength in China. This would be Gold’s thirteenth consecutive bull year.
At 1:08 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,657.00, Down $7.20.
- Silver, $29.99, Down $0.27.
- Platinum, $1,520.90, Down $14.10.
- Palladium, $700.00, Down $9.50.
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