Morning Gold & Silver Market Report – 12/24/2012
GOLD FLAT, STOCKS DOWN AS FISCAL CLIFF DOMINATES
Gold and Silver prices are mostly flat this morning, as fiscal cliff fears continue to dominate the headlines. Peter Fertig of Quantitative Commodity Research said, “The weaker dollar and steady stock markets are giving support to Gold. My view is that the fiscal cliff will be avoided at the last minute. If the fiscal cliff is avoided, that should be positive for risk assets including Gold. As the market had been pricing in that the fiscal cliff might be a reality, there might be a sense of relief.”
Stocks are looking to disappoint in Christmas Eve trading. With no economic data being reported this morning, it seems there is not much hope for the day in the way of stocks. Rebecca O’Keeffe of Interactive Investor said, “With no Plan B and the gulf between the [political] parties as wide as ever, there is little to cheer this holiday season. The optimism that had seen the market rally strongly over the last few weeks is diminishing rapidly amid signs that a deal is as far away as ever.”
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,660.00, Down $0.60.
- Silver, $30.01, Down $0.19.
- Platinum, $1,538.60, Down $0.30.
- Palladium, $683.70, Up $1.40.
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