Closing Gold & Silver Market Report – 11/26/2012
LITTLE MOVEMENT FOR GOLD TODAY; POSITIVE OUTLOOK FOR EUROZONE CRISIS
Gold remains flat for the day, and other equities and commodities are down as investors focus on Europe’s financial crisis and the concern that Greece will need a second bailout. “Most of the activity came from CTAs (Commodity Trading Advisors) and hedge funds who were either adding to longs or reversing their shorts. It seems that the expectations for the Fed's planned actions are stronger now than they had been before the election,” Carlos Perez-Santalla, a broker at PVM Futures, said. The future potential distress to the U.S. economy is the quickly approaching fiscal cliff and whether or not politicians will come to an agreement that is satisfactory for all. We’ll keep you updated on the latest news.
A report commissioned by European think tank The Lisbon Council and Germany-based Berenberg Bank reflects good news for the eurozone debt crisis as they suggest the predicament may be contained in 2013 barring any major policy mistakes. “If the eurozone gets through the current acute crisis and stays on the reform path, it could eventually emerge from the crisis as the most dynamic of the major Western economies,” Holger Schmieding, chief economist at Berenberg Bank, said on Monday.
At 5 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,750.70, Down $2.70.
- Silver, $34.21, Up $0.03.
- Platinum, $1,615.00, Down $3.10.
- Palladium, $665.20, Down $3.40.
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