Mid-Day Gold & Silver Market Report – 11/19/2012
Ted Prince
11/19/2012 12:00:00 PM
FISCAL CLIFF OPTIMISM BOOSTS MARKETS
Gold has rallied today to recuperate from losses realized last week. Geopolitical tension in the Middle East and reports from Washington concerning end-of-year budget talks continue to be the main market movers as both U.S. stocks and Precious Metals are up at mid-day. Christin Tuxen, analyst at Danske Bank, weighed in regarding Middle Eastern turmoil and its effect on Gold, saying, "We still have some fairly important tensions in that part of the world, hence there is a demand for safe havens, such as Gold."
Most investor attention remains fixed on the U.S. fiscal cliff. Analysts believe a solid resolution to the crisis could temporarily push down Gold prices. However, extremely low interest rates are prevalent and projected to stay low for the foreseeable future, causing inflationary fears. This concern is positive for the outlook of Precious Metals.
The Dow Jones Industrial Average and S&P 500 are both up today as confidence regarding a solution to the upcoming fiscal cliff and positive housing data have boosted the market. Homebuilder confidence rose to its highest level in six years in November following the biggest sales increase the real-estate market has experienced in ten years. Investors will continue to await a concrete declaration from policy makers in Washington that the approaching economic calamity we call the “fiscal cliff” will be resolved.
At 1 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,733.10, Up $18.80.
- Silver, $33.19, Up $0.77.
- Platinum, $1,584.40, Up $21.70.
- Palladium, $646.50, Up $19.10.
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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
