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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