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Mid-Day Gold & Silver Market Report – 12/4/2013

SHORT-COVERING LIFTS GOLD; STOCKS SLIDE AGAIN ON FED TAPER/BUDGET CONCERNS

Gold has been lifted from a five-month low as short-covering helped buoy the metal  following Monday’s substantial dip.  Investors are continuing to eye the release of economic data this week to gauge the future of Precious Metals and stocks.  A “better-than-expected ADP today points to the likelihood of strong nonfarm payrolls...we are all going to watch data on Friday to see what happens,” Citi analyst David Wilson said.  As a Fed stimulus taper appears to be forthcoming, a strong showing in the nonfarm payroll figures could push Gold and Silver lower, stimulating continued interest in physical buying of Precious Metals.

U.S. stocks are down yet again as investors continue to weigh economic reports that many believe indicate an upcoming reduction in the Federal Reserve’s quantitative easing measures.  Budget negotiations in Washington, which are under way to calm automatic spending cuts and set the budget for next year, are also weighing in on stocks as committee members attempt to reach an agreement by December 13.  “It seems like an olive branch is being extended from both parties right now on the budget,” Michael Mullaney, chief investment officer for Fiduciary Trust Co., said.  “That’s positive. It’s a reason for people to buy the dip right now.”

At 1:04 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,249.40, Up $26.70.
  • Silver, $19.80, Up $0.71.
  • Platinum, $1,378.70, Up $21.40.
  • Palladium, $731.50, Up $16.70.

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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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