Mid-Day Gold & Silver Market Report – 11/26/2013
PRECIOUS METALS RELATIVIELY FLAT AS CONSUMER CONFIDENCE DOWN
Precious Metals are trading slightly lower through mid-day trading. A stronger U.S. stock market and dollar are weighing on precious metals but many see the suppression as only temporary. Jeff Nichols, managing director at American Precious Metals Advisors said, “Gold continues to be an innocent victim of the frenzy on Wall Street. Sooner or later, when the bubble bursts, equity investors will really lose their heads and gold stands to benefit, if not at first, certainly as the dust settles on Wall Street.”
U.S. consumer confidence fell for the third straight month as the year comes to a close. A lack of faith in government policies, a struggling economy and sluggish labor market are all starting to show its effects on consumers. Stephen Stanley, chief economist of Pierpont Securities said, “I think it is fair to say that the deterioration in confidence since the summer is an accurate reflection of a souring of moods lately, driven by the government shutdown, the rollout of Obamacare, and the general continuing economic malaise.”
At 2:26 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,243.20, Down $0.50.
- Silver, $19.88, Down $0.06.
- Platinum, $1,374.70, Down $4.10.
- Palladium, $719.00, Down $2.40.
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