Morning Gold & Silver Market Report – 11/26/2013
DUST SETTLES ON IRAN DEAL; GOLD RISES
The market appears to be questioning the Iranian nuclear deal, which was Monday’s big topic. Jones Trading chief market strategist Mike O’Rourke explained, “Peace almost broke out in the Middle East, but Boone Pickens may have summed up the deal best by saying, ‘When you want to make a deal real bad, you will make a real bad deal.’ A deal that leaves Iran with any nuclear capability is hardly something you can call a ‘win’.” Gold and Silver prices have risen on further analysis of the deal.
One of the Federal Reserve’s concerns in gauging economic recovery has been housing. Many other facets of the economy have performed well, but housing continues to be a thorn in the Fed’s side. Capital Economics’ Paul Diggle said, “The economic recovery appears to be firming since the government reopened. Weekly jobless claims drifted lower in November. Gasoline prices have stayed around the recent low of $3.30 a gallon. In addition, equity prices have risen to record highs. One concern, however, is the recent rise in mortgage rates.” This could have an impact on the timing of the Fed’s decision to taper the quantitative easing program.
At 9:13 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,246.40, Up $2.90.
- Silver, $20.03, Up $0.09.
- Platinum, $1,380.50, Up $1.70.
- Palladium, $720.80, Down $0.70.