Mid-Day Gold & Silver Market Report – 12/24/2012
GOLD FLAT ON THIN TRADING; FISCAL CLIFF SEEMS MORE LIKELY
Gold remains relatively stable today following Friday’s one percent boost on short covering and buy-ins at what were perceived to be discount prices. As expected, a thin trading session the day before Christmas has kept prices stable. Gold is set for a 12th straight year of gains even though the metal has yet to reach its September 2011 peak of $1,920 an ounce. The spotlight remains fixed on Washington as investors continue to await a fiscal cliff resolution. “It's unlikely that we will see any resolution on the fiscal cliff before the end of the year as the Republicans and the Democrats have differences to iron out. I don't think it can be solved within these few days,” said Brian Lan, managing director of GoldSilver Central Pte Ltd in Singapore.
Stocks fell again today as concern continues to mount that President Barack Obama and Congress will not agree to a U.S. budget deal in time to avoid the fiscal cliff. Jacques Porta, who helps manage $627 million at Ofi Patrimoine in Paris, said, “There’s a lot of uncertainty. We’re at a political dead end. Everything has cooled off. The market has become cautious.” At times of such hesitation with equities markets Precious Metals have proven to be a steady asset to hedge against market volatility.
At 1 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,659.50, Down $1.10.
- Silver, $29.94, Down $0.27.
- Platinum, $1,534.80, Down $4.10.
- Palladium, $684.80, Up $2.50.
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