Mid-Day Gold & Silver Market Report – 12/26/2012
GOLD RELATIVELY FLAT AFTER HOLIDAY; FISCAL CLIFF FEARS ABOUND
The Gold market has been rather quiet so far today. There seems to be a post holiday lull in the United States, and in the United Kingdom the markets are off today as well. Gold has seen a small rise in value today thanks to the news out of Japan. “News about Japan planning to announce some stimulus measures are perking up the market,” Sterling Smith, a futures specialist at Citigroup Inc. in Chicago, said in a telephone interview. “We may see some sharp moves in this very thinly traded market.” Stagnation seems to be the theme of the Gold market today.
As the end of the year approaches, everyone is preparing for the fall over the fiscal cliff in the United States. The president has cut his holiday vacation short to work on the budget. House Speaker John Boehner is looking to a higher power for help saying, “God only knows” how an agreement will be achieved. If there is no budget in place, the consensus is that all Americans will be paying more across the board. More than $500 billion in tax increases that would hit all tax brackets will be the biggest issue the American people face. Federal Reserve Chairman Ben Bernanke summed it up well, “The consequences of that would be felt by everybody.”
At 1 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1661.10, Up $1.10.
- Silver, $29.97, Up $0.08.
- Platinum, $1537.00, Up $0.10.
- Palladium, $692.30, Up $7.70.
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