Closing Gold & Silver Market Report – 12/3/2012
Brandi Brundidge
12/3/2012 4:02:00 PM
GOLD ON RISE AFTER SELLOFF; GLOBAL ECONOMY SHOWING RECOVERY
Gold is on the move as investors flock back to the metal after last Friday’s selloff. “[For] a lot of commodity firms, their fiscal year ended in November, December starts another year, and these guys could have liquidated some [Gold positions] and they could be re-establishing right now,” Phil Streible, senior commodities broker at RJO Futures, said. Another positive for Gold is that a bailout fund has been approved for Greece, as long as the country agrees to purchase its own debt. Today Greece announced they will buy back at least 10 billion euros of the outstanding balance.
The global economy is in its best shape in more than 18 months as China had higher than expected production data for November. Also, China's economy has received a boost as optimism grows for new leadership headed by Xi Jinping, who is expected to increase the financial condition. “The global economy continues to expand next year,” said Peter Sorrentino, who helps manage about $14.6 billion of assets at Huntington Asset Advisors in Cincinnati. “Commodities will not have a ‘shoot the lights out’ year but it should be a profitable year for commodities.”
At 5 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,717.70, Up $5.00.
- Silver, $33.71, Up $0.46.
- Platinum, $1,608.10, Up $2.50.
- Palladium, $690.90, Up $2.60.
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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
