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Morning Gold & Silver Market Report – 12/31/2012

FIFTEEN HOURS TO GO, CLIFF DEAL DOMINATES THE MARKETS

U.S. stock futures started with some positive momentum as investors look for the silver lining of a potential fiscal cliff deal. Congress and President Barack Obama have just under 15 hours to avert what amounts to $600 billion in tax increases for nearly every American worker, as well as automatic budget cuts. The senate convenes at 11 a.m. (EST) to begin talks after failing to come to a final agreement Sunday night. Rebecca O’Keeffe, head of investment at Interactive Investor, in emailed comments said, “As we reach the last day before automatic fiscal retrenchment in the U.S., there appears to remain substantial differences between Republicans and Democrats… It is difficult to see how both sides can compromise enough to agree [on] a deal at this point.”

The Gold price is holding steady this morning after a strong overnight rise in price. Peter Fertig, an analyst with Germany-based Quantitative Commodity Research, said, “It seems that a failure to reach a compromise, which is looking more and more likely, is supporting Gold.” He continues to say that safe haven buying drives up prices, which is what happened overnight. Uncertainty over the resolution to the fiscal crisis has complicated the outlook for the Gold price into 2013; however, Gold is closing up about 6 percent this year, finishing a 12th straight year of gains.

At 9 a.m. (EST), the APMEX Precious Metals spot prices were:

  • Gold, $1,662.20, Up $5.80.
  • Silver, $30.05, Up $0.06.
  • Platinum, $1,521.60, Up $1.00.
  • Palladium, $702.00, Up $0.70.

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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