Morning Gold & Silver Market Report – 12/3/2013
DATA TO PAINT PICTURE FOR 2014
Gold is flat in early-morning trading as most investors await this week’s release of key economic data. Tuesday is light on data, but Wednesday will see private payrolls and non-manufacturing numbers. Thursday, a GDP revision will be announced, and the highly anticipated nonfarm payrolls report will be released Friday. Gerhard Schubert, head of commodities at Emirates NBD, said, “We do anticipate it to be more likely that some of the recently established short positions [on Gold] will be covered and that some money will be taken [off] the table. The second guessing of what the Fed might decide will be the main topic during the week, but certainly next weekend after the release of the November data.”
U.S. stock futures are pointing to a flat open for Wall Street as investors remain cautious. Deutsche Bank’s Jim Reid and Anthony Ip wrote in their morning research note, “The market has been a little confused over the last 24 hours, not helped by the stronger than expected [manufacturing data] providing further fuel to the December taper flame… So with the recent strength in the data we're building up to a fascinating payrolls this Friday and one that could shape the early part of 2014.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,221.90, Down $2.00.
- Silver, $19.14, Down $0.17.
- Platinum, $1,344.70, Down $3.60.
- Palladium, $711.50, Down $1.90.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.