Mid-Day Gold & Silver Market Report – 11/21/2012
GOLD, STOCKS UP SLIGHTLY AS MIDDLE EAST, DOMESTIC NEWS WEIGH ON MARKETS
Gold continues to float in the $1,720 - $1,730 range as we approach the holiday weekend. Though failure to reach a lending agreement in Greece was disappointing for investors who will need to wait until next week for further news, there is a vague sense of optimism regarding U.S. economic recovery. Federal Reserve Chairman Ben Bernanke boasted his hopes for the U.S. on Tuesday by stating that 2013 could be a “very good year” for the economy.
Along with Precious Metals prices, the U.S. stock market is up slightly ahead of Thanksgiving as investors felt a tinge of confidence in reports that discussions regarding the end-of-year fiscal cliff are going well. However, global factors are still able to weigh on the U.S. economy as escalating tension in the Middle East is modestly elevating demand for Gold as a secure investment in times of uncertainty. “Physical demand is showing some strength,” Frank Lesh, a trader at FuturePath Trading in Chicago, said. “Middle East tension is also pushing some people towards Gold.”
At 1 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,731.90, Up $6.30.
- Silver, $33.39, Up $0.39.
- Platinum, $1,584.40, Up $10.40.
- Palladium, $653.10, Up $13.80.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EST)! Or call us Fridays until 6 p.m. (EST)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.