Mid-Day Gold & Silver Market Report – 12/20/2012

GOLD CONTINUES LARGE DROP ON POSITIVE ECONOMIC DATA

Gold and Silver prices have tumbled again today, dropping both metals below their projected support levels on better-than-expected GDP growth numbers. Year-end sell-offs prompted by optimistic economic data have resulted in the largest quarterly drop for Gold since 2008. Mild indications that the U.S. economy is improving have softened expectations that the Federal Reserve will increase its liberal spending. “The GDP number was better than forecast, so the thinking is that improving conditions in the economy might mean a light at the end of the tunnel on when the Fed will end QE3,” said Phil Streible, a senior commodity broker at R.J. O’Brien & Associates.

As Precious Metals prices continue to plummet, U.S. stocks are trading flat on news that House Speaker John Boehner delayed a vote over prospective tax hikes to incomes over $1 million until Thursday night. Investors will remain focused on fiscal cliff discussions in Washington as daily market swings are being dominated by reports of positive or negative progress.

At 1 p.m. (EST), the APMEX Precious Metals spot prices were:

  • Gold, $1643.60, Down $24.60.
  • Silver, $29.80, Down $1.32.
  • Platinum, $1551.40, Down $43.50.
  • Palladium, $681.80, Down $16.60.

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Disclaimer:

APMEX’s ‘News and Commentaries’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

US Dollar Prices are in USD

Precious Metal Prices
4/23/2014 9:56:42 AM EST

Metal Bid Ask Change
Gold $1,284.50 $1,286.50 $3.40
Silver $19.40 $19.50 $0.09
Platinum $1,390.80 $1,400.80 $0.50
Palladium $780.90 $785.90 $1.30
4/23/2014 9:56:42 AM EST

Click here for Historical Charts*All Charts are in USD


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