Morning Gold & Silver Market Report – 12/4/2012
Ryan Schwimmer
12/4/2012 8:01:00 AM
METALS DOWN ON TECHNICAL TRADING
Precious Metals are trading lower this morning, with Gold and Platinum down approximately 1.5 percent, Palladium down one percent and Silver down more than two percent. Analysts at UBS explained that “taking positions ahead of key policy decisions – with the [Federal Open Market Committee] meeting next week and the ongoing negotiation on the fiscal cliff – has become increasingly difficult … Many have chosen to stay on the sidelines.” Peter Fertig, a consultant with Quantitative Commodity Research, explained that Friday’s jobs report could have a significant impact on Gold if the numbers are low, which is a distinct possibility following Hurricane Sandy.
U.S. stock futures are trading slightly higher this morning, but analysts at Deutsche Bank are looking forward. “Our view is that if growth doesn’t materialize by around Q2 of next year, markets could sharply decline again. Given that most economists expect the recovery to be building by Q2, then maybe markets are right, but it shows there’s not much room for error on this.” Historically, sharp stock market declines have brought about an increase to Gold’s safe-haven appeal.
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,695.50, Down $25.60.
- Silver, $32.94, Down $0.80.
- Platinum, $1,588.00, Down $26.80.
- Palladium, $681.40, Down $9.90.
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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
