Closing Gold & Silver Market Report – 12/20/2012
METAL PRICES FALL; WILL POSITIVE U.S. ECONOMIC DATA END QE3?
Precious Metals prices fell today as hedge funds were liquidated and the U.S. economy reflected more growth than forecasted. “There is a concern among the hedge funds that they will have more redemptions because of the fact that they underperformed the markets this year as a whole,” Jeffrey Sica, chief investment officer of SICA Wealth Management, said. As the country appears more stable, the market believes it could affect further quantitative easing. “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,” Phil Streible, a senior commodity broker at R.J. O’Brien & Associates in Chicago.
The National Association of Realtors reported today that existing home sales jumped 5.9 percent in November. Although it’s been difficult for the housing market to make a full recovery since the recession in 2007, it is beginning to progress as a healthier unemployment rate has been reported this year. “The indicators reflect an economy that remains weak in the face of strong domestic and international headwinds as it faces the fiscal cliff,” Ken Goldstein, an economist at the Conference Board, said. “Growth will likely be slow through the early months of 2013.”
At 5 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1649.40, Down $18.80.
- Silver, $30.00, Down $1.12.
- Platinum, $1553.00, Down $41.90.
- Palladium, $679.60, Down $18.70.
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