Closing Gold & Silver Market Report – 12/17/2012
Craig C. Calvin
12/17/2012 4:08:00 PM
GOLD RISES ON FED SURVEY RESULTS; FISCAL CLIFF DEAL WON’T GUARANTEE GROWTH
Responding to a Federal Reserve Bank of New York survey that indicated regional manufacturing business had worsened in December, the Gold price rose slightly in afternoon trading to end the day just under $1,700. Darin Newsom, a Telvent DTN senior analyst, said that after the survey, “we did see a bit of short-covering come into the Gold market … normally how [investors] would react to a bearish economic report.” Silver ended the day barely up, while Platinum and Palladium both ended the day down.
One prominent investment advisor is warning that even if a deal is worked out in Washington, it won’t guarantee growth in 2013. In an interview today, Mohamed El-Erian, CEO and co-CIO of global investment management firm PIMCO, said that even with a deal in place, this country can still expect soft growth for a prolonged period, stating, “If we avoid the fiscal cliff … then we [are] still looking at still sluggish growth of 1.5 to two percent next year.” Although El-Erian believes a deal will be reached within the next week, he cautioned that political support could be threatened if the details were to come out prematurely.
At 5 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,699.20, Up $2.20.
- Silver, $32.32, Up $0.04.
- Platinum, $1608.90, Down $6.60.
- Palladium, $700.50, Down $1.60.
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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
