Mid-Day Gold & Silver Market Report – 12/27/2013
METALS FLAT AS INVESTORS BEGIN TO EYE 2014
Precious Metals are mostly flat through mid-day trading. As the year comes to an end, many investors will be looking at market conditions as they begin to re-evaluate their portfolios heading into 2014. Ole Hansen, head of commodity strategy at Saxo Bank, said, “December will show a fourth month in a row of negative returns; momentum and trend following investors will not be changing their outlook or positioning unless we see a much stronger move to the upside. Traders will continue to favor selling into rallies until we see a potential break back above the December high” of $1,268 per ounce.
Almost 1.3 million Americans will lose unemployment benefits Saturday, with another 1.9 million set to lose benefits by mid-2014, when funds for the federal emergency benefits program, created during the recession to supplement state-provided benefits, will run out. Sen. Jack Reed, D-R.I., said, “ From a human level, cutting 1.3 million Americans off their lifeline doesn't make any sense and it's not anything we should be doing.”
At 2:20 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,215.80, Up $1.00.
- Silver, $20.11, Up $0.13.
- Platinum, $1,378.60, Up $12.30.
- Palladium, $712.00, Up $11.30.
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