Closing Gold & Silver Market Report –12/23/2011
GOLD, SILVER PRICES NEUTRAL
On a day when the “Santa Claus Rally” boosted stocks almost 125 points, the S&P 500 squeaked into positive territory for the year. One year ago, most analysts were predicting a very strong year for the stock market with an S&P 500 climbing over 1,350 points. Today, investors are happy just to get positive gains. The S&P 500 closed at 1,265.33.
This is the time of predictions for the coming year. It is no surprise that investor uncertainty is at a six-year high. The most certain prediction is one for continued volatility. About 38% of respondents to a poll by the American Association of Individual Investors said they think stock prices will remain flat the first six months of 2012. Only 33% said they expect prices to rise, which is below the historical average of 39%.
We can expect to see the same players driving the markets for a while.The European sovereign debt problem, U.S. debt problems, not enough jobs, slow growth and a political system in which the two parties cannot agree -- these can all wait until next week. For now, Happy Holidays from APMEX!
At 4 p.m., the APMEX precious metals prices were:
- Gold - $1,608.80 – Down $2.80.
- Silver - $29.15 – Up $0.04.
- Platinum - $1,432.30 – Up $5.80.
- Palladium - $660.50 – Up $5.20.