Mid-Day Gold & Silver Market Report – 11/30/2012
Geoffrey Varner
11/30/2012 1:31:00 PM
HOME PRICES ON THE RISE; GOLD SET TO GAIN
Home prices rose in September, sending a signal that the housing market is showing signs of a recovery.The S&P/Case-Shiller home-price index was released this week, showing that “prices gained 3 percent over the past 12 months.”
The Gold price has held mostly steady Friday with a recent dip as U.S. trading began. The Gold price is set to gain overall for the month of November. Trading has been volatile as the asset seems to be tied to the fate of the fiscal cliff. Right now, Gold is trending with equities. Simon Weeks, head of Precious Metals at Scotia Mocatta, said that if a breakthrough in the fiscal cliff talks came, the trend would likely continue and the Gold price would likely follow any bounce in those assets. “The knee jerk reaction will be for Gold to follow other markets up or down, and after its initial reaction, it will tend to decouple,” he said.
At 2:30 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,712.80, Down $16.70.
- Silver, $33.34, Down $1.08.
- Platinum, $1,601.00, Down $19.50.
- Palladium, $682.00, Down $5.40.
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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
