Morning Gold & Silver Market Report – 11/19/2012
Geoffrey Varner
11/19/2012 7:40:00 AM
TRADERS BULLISH ON U.S. BUDGET
Congressional leaders and President Barack Obama have publicly sated their optimism for a deal on the nation’s financial situation after only a few hours of talks last week before the president left for a three nation tour. The president reiterated his views Sunday in Bangkok where he said, “I am confident we can get our fiscal situation dealt with.” Traders have seized on this sense of hope and have driven the markets up.
The Gold price also gained overnight as a weaker dollar and Middle East concerns highlighted the safe haven appeal of the Precious Metal. David Govett, head of Precious Metals at Marex Spectron Group in London said about the Gold price’s gain, “The situation in the Middle East continues with Israel continuing it’s targeting of Gaza and this in turn has also led to some buying.” Holdings in Gold-backed exchange-traded products rose to a record 2,603.7 metric tons on Nov 16.
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,733.10, Up $16.40.
- Silver, $32.99, Up $0.57.
- Platinum, $1,570.80, Up $9.00.
- Palladium, $642.00, Up $14.60.
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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
