Morning Gold & Silver Market Report – 12/12/2013
PROFIT-TAKING, TAPERING FEARS HIT GOLD
Gold and Silver prices fell in early morning trading amid profit-taking and fears over the Federal Reserve tapering its quantitative easing program. Also weighing on the minds of investors is the expected passage of a budget deal in Washington. Because of these factors, Standard Bank’s Walter de Wet is informing clients “that Gold should be sold into rallies.” A decision on when to begin tapering is expected out of next week’s Federal Open Market Committee meeting.
The weekly jobless claims report and retail sales data were enough to push stock markets out of the red this morning, though Precious Metals barely budged. U.S. retail sales rose 0.7 percent in November, thanks to a strong improvement in auto sales. New jobless claims, however, rose much more than expected and now sit at the highest level in two months. The four-week average also rose by 6,000 and continuing claims rose by 40,000.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
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- Gold, $1,237.20, Down $22.50.
- Silver, $19.75, Down $0.66.
- Platinum, $1,372.20, Down $15.00.
- Palladium, $729.40, Down $9.20.
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