Closing Gold & Silver Market Report – 11/18/2011
SUPER COMMITTEE TALK NEAR COLLAPSE; GOLD ENDS THE DAY UP
Gold prices ended the day with a modest rise, in contrast to losses seen in the previous two sessions, as investors turned to the precious metal at the end of the day. Broker and futures analyst Frank Lesh of FuturePath Trading said support for gold is coming from “safe-haven buying ahead of the weekend.” Prices of silver, platinum, and palladium also ended the day up. Meanwhile, stocks in the U.S. ended the day mixed, although the Dow, the S&P 500, and the NASDAQ all experienced losses for the week, influenced by concerns over the eurozone debt crisis.
Efforts by the congressional Super Committee to come to an agreement on trimming the U.S. budget deficit by at least $1.2 trillion over the next decade are being described as “near collapse” today, as Republican and Democratic members find themselves unable to find common ground on benefit cuts and tax increases. The Super Committee has until midnight Wednesday, Nov. 23, to reach a deal on reducing the deficit. And although committee members are saying they still believe an accord can be reached, aides to those members are expressing doubt in private. U.S. Rep. Xavier Becerra, a California Democrat and committee member, indicated that today looks to be a “make or break” day, adding, “We should know by end of today, and I’ll give myself until 11:59 p.m., as to whether or not there will be a deal.”
At 4:01 p.m. (CST), the APMEX precious metals spot prices were:
· Gold - $1,726.40 - Up $4.20.
· Silver - $32.40 - Up $0.86.
· Platinum - $1,597.00 - Up $15.90.
· Palladium - $606.50 - Up $0.80.