Morning Gold & Silver Market Report – 11/21/2012
GREECE DENIED AID ONCE AGAIN; GOLD DEMAND STRONG
Gold and Silver are trading higher this morning, as many traders may “want to be risk-off ahead of the long weekend – certainly there will be no expectation of fresh news about averting the fiscal cliff, but Europe will remain a concern and there’s the developing situation in the Middle East that has the potential to give cause for concern,” Fawad Razaqzada of GFT Markets said. Regarding the situation in Greece, Razaqzada added, “Once again, the can that is the Greek debt crisis was resolutely kicked a little further down the road by the Eurogroup yesterday, ensuring once again that markets were left in just as uncertain a mood.”
Nick Trevethan of ANZ in Singapore said, “Gold seems well-supported towards the $1,700 level, and the longer term story hasn’t changed much,” which includes strong demand from China and central banks around the world. All eyes appear to be firmly on the fiscal cliff, as Federal Reserve Chairman Ben Bernanke said yesterday that even the Fed does not have the tools to offset the potential damage that would be caused by Congress failing to reach an agreement on the matter.
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,728.60, Up $3.00.
- Silver, $33.14, Up $0.15.
- Platinum, $1,575.60, Up $1.60.
- Palladium, $645.50, Up $6.00.
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