Mid-Day Gold & Silver Market Report – 11/6/2012

Brandi Brundidge

11/6/2012 11:59:00 AM

METALS ON THE MOVE AHEAD OF U.S. PRESIDENTIAL ELECTIONS

Precious Metals prices are quickly rising as the market awaits the final results of the U.S. Presidential elections today. Analysts have predicted if President Barack Obama is re-elected it would be positive for Gold due to the probability of additional Federal Reserve stimulus being needed. If Mitt Romney is elected, it is thought by many that Fed Chairman Ben Bernanke, who pushed the well known quantitative easing programs over the years, would not make it to another term in 2014. "An Obama win is potentially supportive to Gold because of the possibility of a much more difficult (policy) negotiation," said David Wilson, analyst with Citigroup.

The housing market is providing reassurance to the U.S. economy as the number of new homes Americans purchased in September grew more rapidly than in the past two years. Robert Shiller, a professor at Yale University and co-creator of the S&P/Case-Shiller index of property values, said, “We have to get back to a private-sector mortgage market, without government dominance. We have to think about alternative mortgages that don't invite the same sort of crisis where we have 10 million homeowners under water. We don’t want to put Americans in such leveraged positions.” 

At 1 p.m. (EST), the APMEX Precious Metals spot prices were:

• Gold, $1,719.30, Up $34.90.
• Silver, $32.18, Up $1.01.
• Platinum, $1,559.70, Up $18.50.
• Palladium, $621.50, Up $17.60.

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