Morning Gold & Silver Market Report – 12/9/2013
GOLD EVEN AS INVESTORS EYE FED TAPER AND BUDGET TALKS
The Gold price is trading flat to start the week as investors continue in an effort to grasp whether or not the Fed will begin to scale down the current level of monetary easing. "Clearly the overall tapering (discussion) is reflected in the gold price," Credit Suisse analyst Karim Cherif said. "If this happens in January, which is before what the market anticipates, it could be to some extent a surprise, so ... (it could) be an extra drag on the sector moving into 2014." The dollar is down to a six-week low today which could lend some support to Precious Metals. However, following last week’s pullback, bargain hunting investors will likely look to take advantage of lower metals prices.
Stock futures rose today following last week’s retreat as investors await U.S. budget negotiations and Fed tapering indicators. “Our fundamental view is that any tapering-related pullback will be a temporary selloff,” Dan Morris, global investment strategist at TIAA-CREF Asset Management, said. However, as members of Congress haggle over a budget deal in Washington, investors fear another impasse that could lead to continued uncertainty about the efficiency of our political system.
At 9:37 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,235.60, Up $4.10.
- Silver, $19.74, Up $0.17.
- Platinum, $1,375.30, Up $16.70.
- Palladium, $738.10, Up $2.00.
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