Mid-Day Gold & Silver Market Report – 12/2/2013
POSITIVE DATA DRIVES DOWN GOLD
Gold and Silver prices have fallen in morning trading after positive U.S. manufacturing data was released. Positive economic data fuels expectations that the Federal Reserve will begin tapering its quantitative easing program perhaps as soon as this month. Naeem Aslam, chief market analyst at AvaTrade, said, “Although, it is difficult to see any tapering this year, but surely you cannot rule this out, especially given that we have [U.S. monthly] jobs data due this week.” Aslam continued by saying that $1,180 per ounce is the key support level for Gold price.
U.S. stocks have benefited from the holiday shopping season, according to BTIG LLC chief global strategist Dan Greenhaus. After noting that Wall Street has gained approximately 75 percent of the time in December, Greenhaus said, “For the stock market the story is seasonality; December is one of the best months of the year. It's a really strong month, so to start the month, that's probably the story. Then you add in the less provable numbers like performance chasing and window dressing.”
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,226.20, Down $26.20.
- Silver, $19.42, Down $0.63.
- Platinum, $1,347.90, Down $22.40.
- Palladium, $713.00, Down $6.60.
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