Mid-Day Gold & Silver Market Report – 12/11/2012
Brandi Brundidge
12/11/2012 12:01:00 PM
GOLD SLIGHTLY DOWN; MARKET EXPECTS BOOST FROM FEDERAL RESERVE
The Federal Reserve is expected to announce its financial policy decision tomorrow after meeting both Tuesday and Wednesday. Analysts suggest the Fed may state a new bond purchasing program that could cause an increase in U.S. money printing. “The expectation is that the Fed will augment its asset purchases,” Sonny Tahiliani, managing director of MacroMoves in New York, said. “We'd expect this to bolster Gold, but between year-end selling and the [U.S.] fiscal-cliff stalemate, the effect could be muted for now.”
U.S. stocks jumped this morning as German investor confidence rose due to a more positive economic outlook for Europe and progress from politicians properly handling the fiscal cliff. “Our forecast is that the U.S. will avoid a recession and experience lumbering but measurably positive growth, while China is going to contribute to global growth which will help energy stocks,” Stephen Wood, the New York-based chief market strategist for North America for Russell Investments, which oversees $159.1 billion, said in a phone interview.
At 1 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,709.40, Down $5.00
- Silver, $32.97, Down $0.39.
- Platinum, $1,639.60, Up $15.30
- Palladium, $697.00, Down $7.80
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.
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
