Mid-Day Gold & Silver Market Report – 11/25/2013
IRAN DEAL STILL AFFECTING MARKETS
The Gold price has edged slightly downward in morning trading as the news of Iran limiting its nuclear program remains the focal point of investors. Naeem Aslam, chief market analyst at AvaTrade, explained that pressure on the Gold price comes “as the premium of the geopolitical is at its lowest point in the Middle East after Iran has struck a deal with the major world powers. Investors have added to their short positions as the demand for the safe heaven faded.” Richard Gotterer, managing director at Wescott Financial Advisory Group, explained that “Gold as an oil hedge is down slightly too.”
For the stock market, the Iran agreement “bodes well, and is a net positive for equities, and today’s action would support that,” according to Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. Andrew Wilkinson, chief economic strategist at Miller Tabak, explained that Gold is not the only commodity finding a rough road ahead. He said, “The initial Iranian agreement with the world to surrender its nuclear ambitions – at least the naughty part - is bolstering stocks and goosing the dollar. Commodity prices are finding a clearer path during a difficult year when traditional correlations fell by the wayside. But the path is down.”
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,243.00, Down $3.60.
- Silver, $19.97, Up $0.05.
- Platinum, $1,379.70, Down $4.00.
- Palladium, $721.00, Up $5.40.
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