Morning Gold & Silver Market Report – 1/11/2013
MARKET LOOKING FOR DIRECTION; TRADE DEFICIT AT WIDEST IN NINE MONTHS
The Gold price has mostly recovered from early-morning losses, a day after a rally set off by data in China and a weaker U.S. dollar. Chuck Butler, president of EverBank World Markets, said, “Once the landscape for [the debt ceiling and the government budget] can be laid out, the market will then have a clear direction. That direction most likely will include kicking the can down the road for the U.S., which would potentially drive the dollar down further, which would be good for Gold.”
The U.S. Department of Commerce reported today that the trade deficit in the country widened by 15.8 percent to $48.7 billion in November, the largest gap since April 2012. The trade deficit is one of many things the U.S. Federal Reserve looks at when deciding whether to implement more or continue current quantitative easing, and the gap widening to such a large number isn’t seen as positive.
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,675.80, Down $4.20.
- Silver, $30.83, Down $0.13.
- Platinum, $1,629.40, Down $4.90.
- Palladium, $694.30, Down $8.90.
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