Closing Gold & Silver Market Report – 12/13/2012
Brandi Brundidge
12/13/2012 3:48:00 PM
GOLD DIPS; EUROPE FOCUSES ON GREECE’S SUCCESS
After the Federal Reserve announced yesterday that it would begin purchasing Treasury bonds, the price of Gold rose and gave investors a reason to sell off the yellow metal. Today, Gold has experienced a drop in price due to profit-taking coupled with the question of how the fiscal cliff will be handled. “I think the negative concern is that [the fiscal cliff] might push the U.S. in to recession, and recessions generally are bad for Gold,” Adrian Day, president of Adrian Day Asset Management, said. “And of course Bernanke increased those concerns by saying: ‘Hey, we can't do enough to stop a recession if Congress and the White House don't agree.’”
European leaders have joined forces to find a resolution to rescue Greece from a financial collapse. The finance ministers along with the International Monetary Fund have arranged to release 49.1 billion euro in aid to Greece by the end of March 2013. German Chancellor Angela Merkel is hopeful for the nation and the success of the European policy makers. She said, “We have achieved a lot. It was a very laborious year but it was also a year in which we made great progress.”
At 5 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,698.20, Down $19.70.
- Silver, $32.58, Down $1.18.
- Platinum, $1,616.20, Down $31.20.
- Palladium, $691.90, Down $9.30.
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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
