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Mid-Day Gold & Silver Market Report – 12/2/2013

POSITIVE DATA DRIVES DOWN GOLD

Gold and Silver prices have fallen in morning trading after positive U.S. manufacturing data was released. Positive economic data fuels expectations that the Federal Reserve will begin tapering its quantitative easing program perhaps as soon as this month. Naeem Aslam, chief market analyst at AvaTrade, said, “Although, it is difficult to see any tapering this year, but surely you cannot rule this out, especially given that we have [U.S. monthly] jobs data due this week.” Aslam continued by saying that $1,180 per ounce is the key support level for Gold price.

U.S. stocks have benefited from the holiday shopping season, according to BTIG LLC chief global strategist Dan Greenhaus. After noting that Wall Street has gained approximately 75 percent of the time in December, Greenhaus said, “For the stock market the story is seasonality; December is one of the best months of the year. It's a really strong month, so to start the month, that's probably the story. Then you add in the less provable numbers like performance chasing and window dressing.”

At 1 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,226.20, Down $26.20.
  • Silver, $19.42, Down $0.63.
  • Platinum, $1,347.90, Down $22.40.
  • Palladium, $713.00, Down $6.60.

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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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