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Closing Gold & Silver Market Report – 12/31/2012


This year marks the 12th in a row that the Gold market has improved on the year, which is the longest upward trend in Gold since the 1920s. Experts point to the continuing economic stimulus by the world’s largest economies as the main reason for the climb. Europe, China and the United States have injected their respected markets with large sums of financial stimulus which has historically been good for Gold.

Many people watch the clock on December 31st to celebrate the arrival of a new year. However, investors are watching the clock for a much more dubious reason. As of midnight, the U.S. officially starts its descent over the fiscal cliff. While Congress is working to get a deal done, it will not be happening tonight. “There are still issues to resolve, but we're hopeful that Congress can get it done, but it's not done,” said President Barack Obama.

Looking past the news of the day, one leading economist believes the outlook for next year is less than optimistic. “The new normal is sluggish growth and persistently high unemployment and concerns about debt and deficits,” Pimco's Mohamed El-Erian said. The forecast is based on the lack of progress made by the major countries’ ability to deal with financial issues in a timely manner.

At 5 pm (EST), the APMEX Precious Metals spot prices were:

  • Gold, $1676.80, Up $20.40.
  • Silver, $30.38, Up $0.40.
  • Platinum, $1542.20, Up $21.60.
  • Palladium, $706.00, Up $4.70.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EST)! Or call us Fridays until 6 p.m. (EST)! 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.

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Our spot prices are subject to change during the following hours, excluding holidays. View current spot prices for Gold, Silver, Platinum and Palladium on our Spot Price Charts page.

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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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