Mid-Day Gold & Silver Market Report – 11/26/2012
GOLD REMAINS STEADY AS STOCKS DESCEND
Gold continues to hover around $1,750 today after ending last Friday its highest point since mid-October. Analysts continue to cite European debt struggles and the upcoming fiscal cliff as the main movers of the U.S. dollar and the Gold price. “Gold has now found some very strong buying since the dip below $1,700, and we anticipate the rally to continue as deep bullish fundamentals are still in place — the Europe/Greece uncertainty and the U.S. fiscal cliff uncertainty,” Anthony Lazzara, chief executive officer of Lido Isle Advisors, said. Global and domestic economic concerns continue to convince analysts that there is no reason for Gold to trend any lower heading into 2013.
Budget dialogue in Washington and concern regarding aid to Greece caused U.S. stocks to decline on Monday. Holiday shopping caused large gains in the stock market on Friday, but profit-taking after such a large rally also caused stocks to weaken. As we approach the end of 2012, fiscal cliff and European debt concerns will remain at atop financial headlines. Regarding world economic news, Peter Sorrentino of Huntington Asset Advisors in Cincinnati said, “We’ve got a lot of negatives. There’s the backdrop of what’s going on in the European Union with the bailouts and recapitalizing the banks. On top of that, we have issues in the U.S. with regard to our fiscal policy. That’s just enough reason at this point in time to take risk off the table and wait for more insight and clarity.”
At 1 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,751.90, Up $1.50.
- Silver, $34.14, Up $0.05.
- Platinum, $1,612.80, Down $5.30.
- Palladium, $661.70, Up $6.90.
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