Closing Gold & Silver Market Report – 11/20/2012
GOLD DOWN ON RESERVE REPORT; EUROPE LOOKS TO CUT DEBT
After Federal Reserve Chairman Ben Bernanke spoke today, the Gold price stuck to its trend of reacting to his speech. This time around, the movement was downward. The main speaking points regarded the fiscal cliff and the debt ceiling. With nothing new being said, there was no reason for much movement in the Precious Metal markets. Bernanke said that the current quantitative easing program will be ongoing until there is marked improvement in the economy. Those kind of neutral statements leave little to no clarity to when the easing may end. On the topic of the fiscal cliff, the Chairman Bernanke stated the obvious, “A failure to reach a timely agreement this time around could impose even heavier economic and financial costs.”
In Europe, finance ministers are working to cut the debt while keeping the peace in the region. The first matter of business is to approve loans for Greece and look for ways to cut that country’s debt. “The Eurogroup this evening will take the necessary decisions to ensure the debt sustainability of Greece. It's essential that we will be able to decide on a set of credible measures on reducing the debt burden of Greece tonight. We must still reach an understanding on several details and I would expect that the chances are good that we will come to a final and joint solution this evening. But I'm not entirely certain,” the chairman of the eurozone finance ministers, Jean-Claude Juncker, said. While there is no timeline set for this to be agreed upon, all sides agree the sooner the better.
At 5 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1728.50, Down $7.90.
- Silver, $33.20, Down $0.05.
- Platinum, $1578.00, Down $6.80.
- Palladium, $637.00, Down $9.30.
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