Morning Gold & Silver Market Report – 12/21/2012
GOLD STILL ON TRACK FOR ANOTHER ANNUAL GAIN
Gold and Silver prices are slowly recovering from yesterday’s drop. This week looks to be the worst since June for Gold, though it is still on track for yet another annual gain. Brian Lan of GoldSilver Central in Singapore said, “At the moment, the U.S. budget talks are stalling. Many are unsure if they should enter the market. Perhaps when the U.S. has more concrete news on the outcome, investors will be more comfortable taking positions again. The market volume is thin amidst all these uncertainties, and the year is coming to an end. Many of the investors prefer to take profits and just leave the market.”
The Republican Party’s refusal to vote for any ‘Plan B’ on the fiscal cliff has many worried that the U.S. economy will fall into another recession. Posturing seems to be the name of the game in Washington when it comes to the cliff. House Speaker John Boehner said, “The House did not take up the tax measure today because it did not have sufficient support from our members to pass. Now it’s up to the president to work with [Senate Majority Leader Harry] Reid on legislation to avert the fiscal cliff.”
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,650.50, Up $4.10.
- Silver, $29.89, Up $0.21.
- Platinum, $1,536.40, Down $11.80.
- Palladium, $676.00, Down $4.20.
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