Mid-Day Gold & Silver Market Report – 11/20/2012
GOLD DROPS SLIGHTLY; BEN BERNANKE TO ADDRESS CONGRESS TODAY
Gold's gains from yesterday are slowly being wiped away as today’s report of improved U.S. housing data pushed the dollar up. The value of Gold is likely to be determined by how the fiscal cliff and the eurozone financial crisis are both handled in the near future. The newest factor to affect the yellow metal’s price is the conflict between Israel and the Gaza Strip, which has caused great concern over the possible impact on oil prices. The economy has experienced geopolitical pressure previously and has seen the impact it has on Precious Metals prices.
Egyptian President Mohamed Mursi confirmed today there is an attempt to settle the week long fighting between Israel and Palestinian groups in the Gaza Strip that will hopefully result in a cease-fire within the next few hours. “I prefer a diplomatic solution,” Israeli Prime Minister Benjamin Netanyahu said in Jerusalem earlier today. “I hope we can get one, but if not, we have every right to defend ourselves with other means, and we shall use them.”
Federal Reserve Chairman Ben Bernanke will speak today. The anticipation that Bernanke will announce further stimulus measures as the economy remains unsteady is foreseen by economists. “His normal logic is to indicate things and flag things well in advance so he can push different members of the (Open Market) Committee into the same direction,” Torsten Slok, chief international economist at Deutsche Bank, said. “There's a good chance that he will come out and say that he continues to be worried about the outlook today.”
At 1 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,727.60, Down $8.80.
- Silver, $33.01, Down $0.24.
- Platinum, $1,580.30, Down $4.50.
- Palladium, $639.20, Down $7.10.
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