Mid-Day Gold & Silver Market Report – 12/3/2012

Ted Prince

12/3/2012 11:58:00 AM

PRECIOUS METALS UP SLIGHTLY ON GLOBAL INDUSTRIAL DATA

Gold is up to start December following a 0.5 percent drop over the month of November. United States manufacturing activity fell last month to its lowest level since July 2009. Though U.S. industrial output faltered in November, China posted stronger-than-expected production data for the month. Global increases in manufacturing trigger demand for Precious Metals with industrial application, such as Silver. Julian Phillips, founder and writer at GoldForecaster.com, said, “Silver’s fundamentals are looking very good. With demand rising in the face of global economic growth…the prospects for Silver in 2013 look good any which way you look at it.”

As manufacturing data from the U.S. and China offset each other, stocks gave up early gains. Following two months of growth, many economists feel the contraction in domestic industrial activity accurately represents an economy that has still yet to recover. Investors remain wary of traditional markets as we approach the fiscal cliff at the end of the year. During times of uncertainty, Precious Metals have historically performed well as a secure store of wealth.

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

• Gold, $1,719.20, Up $6.50.
• Silver, $33.6, Up $0.44.
• Platinum, $1,608.90, Up $3.30.
• Palladium, $690.00, Up $1.90.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EST)! Or call us Fridays until 6 p.m. (EST)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.