Closing Gold & Silver Market Report – 12/31/2012
U.S. FALLS OFF CLIFF AT MIDNIGHT WITH NO HOUSE VOTE
This year marks the 12th in a row that the Gold market has improved on the year, which is the longest upward trend in Gold since the 1920s. Experts point to the continuing economic stimulus by the world’s largest economies as the main reason for the climb. Europe, China and the United States have injected their respected markets with large sums of financial stimulus which has historically been good for Gold.
Many people watch the clock on December 31st to celebrate the arrival of a new year. However, investors are watching the clock for a much more dubious reason. As of midnight, the U.S. officially starts its descent over the fiscal cliff. While Congress is working to get a deal done, it will not be happening tonight. “There are still issues to resolve, but we're hopeful that Congress can get it done, but it's not done,” said President Barack Obama.
Looking past the news of the day, one leading economist believes the outlook for next year is less than optimistic. “The new normal is sluggish growth and persistently high unemployment and concerns about debt and deficits,” Pimco's Mohamed El-Erian said. The forecast is based on the lack of progress made by the major countries’ ability to deal with financial issues in a timely manner.
At 5 pm (EST), the APMEX Precious Metals spot prices were:
- Gold, $1676.80, Up $20.40.
- Silver, $30.38, Up $0.40.
- Platinum, $1542.20, Up $21.60.
- Palladium, $706.00, Up $4.70.
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