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Closing Gold & Silver Market Report – 12/3/2013

SHORT-COVERING LEVELS GOLD; STOCKS CONTINUE WITH THIRD STRAIGHT DROP

The Gold price is trading flat today as a round of bargain hunting and short-covering halted a further decline in the price.  Higher crude oil prices and a weaker dollar are buoying Precious Metals today as an early morning dip saw Gold fall to its lowest level in five months.  Yesterday’s skid was the largest single day drop in over two months.  As is often the case, physical buying increased as lower prices influenced retail investors and central banks in Asia to take advantage of the decline.  Following the dip, many investors remain sidelined as they await indications from the Federal Reserve regarding the future of quantitative easing. 

Stocks declined for a third straight session today as profit taking investors eyed the upcoming reveal of key economic data that could influence an early taper of Fed stimulus measures.  “It’s really a mixed picture right now,” Dan Veru, the chief investment officer at Palisade Capital Management LLC, said. “In the absence of any bigger data, investors are grasping for these little bits of micro data in trying to develop a conclusion. Any market that’s appreciated as much as the stock market has this year is going to be vulnerable to sell-offs.”  The most central piece of data causing anxiety among investors is the non-farm payroll data.  Strong figures could indicate an early stimulus taper and influence further pullback in U.S. equities.

At 4 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,224.50, Up $0.60.
  • Silver, $19.15, Down $0.17.
  • Platinum, $1,359.30, Up $11.00.
  • Palladium, $716.80, Up $3.40.

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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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