Morning Gold & Silver Market Report – 12/18/2012

Ryan Schwimmer

12/18/2012 8:19:00 AM

PROS BUY GOLD AS FISCAL CLIFF DEAL NEARS

Gold has remained mostly flat and Silver is gaining this morning as more strides are being made toward a fiscal cliff deal.  President Barack Obama and House Speaker John Boehner have reportedly come close to a potential agreement to avoid what the Congressional Budget Office says will bring on another recession. Recently, Washington insiders had believed there was a 50-50 chance of “going over the cliff,” but recent strides have them more optimistic now.

Rebecca Patterson, chief investment officer at Bessemer Trust, believes that a great buying opportunity for Gold is at hand. She believes that yields on Treasury bonds, long-used as an argument against Gold, which has no yield, will not be “out of their recent range any time soon … [I am] still a buyer for Gold.” These sentiments are shared by other investing pros like Todd Gordon, co-head of research and trading at Aspen Trading Group, and Andrew Busch, global currency and public policy strategist at BMO Capital Markets.

At 9 a.m. (EST), the APMEX Precious Metals spot prices were:

• Gold, $1,698.20, no change.
• Silver, $32.43, Up $0.18.
• Platinum, $1,612.00, Up $2.50.
• Palladium, $697.00, Down $1.40.

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.