Morning Gold & Silver Market Report – 11/29/2012
Geoffrey Varner
11/29/2012 7:46:00 AM
FISCAL CLIFF OR FISCAL ROLLER COASTER?
Optimism from yesterday is pointing to a positive start to the markets today. The Dow reversed a greater than 100 point opening deficit yesterday after comments from both political parties alluded to a resolution of the budget crisis by Christmas. According to the most recent Bloomberg Global Poll of Investors, there is sentiment that the U.S. will in fact avoid a head long dive off the fiscal cliff. When investors were asked which markets had the best opportunities for 2013, the U.S. was picked at the top, which has happened for eight straight quarters of this poll.
The Gold price also saw a sharp correction yesterday as it rode the rollercoaster ride of the fiscal cliff talks. Ross Norman, CEO of Sharps Pixley, said, “Gold is being pulled higher on this prevailing optimism over the fiscal cliff.” He goes on to say, “One would expect good news on the fiscal cliff to be Gold-negative, but now Gold is acting as a risk asset like shares.”
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,725.40, Up $6.70.
- Silver, $33.91, Up own $0.15.
- Platinum, $1,620.80, Up $8.10.
- Palladium, $682.80, Up $8.70.
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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
