Closing Gold & Silver Market Report – 12/18/2012
Brandi Brundidge
12/18/2012 4:05:00 PM
GOLD DROPS 2 PERCENT; MARKET HOPEFUL FOR FISCAL CLIFF RESOLUTION
Gold tumbled today as investors began to sell off their Precious Metals. It appears that politicians are close to reaching a deal to avoid the fiscal cliff at the end of the month. “If Gold is not able to defend those key supports, one should expect a new wave of technical selling to continue," said Adam Sarhan, chief executive of Sarhan Capital. At 2 percent down, the yellow metal saw one of the biggest drops since November 2.
Senator Bob Corker (R-Tenn.) spoke with CNBC in regards to the fiscal cliff not being resolved by the end of this week, saying, “We are not close to a deal.” He continued, “I've been trying for three weeks — standing on my head, doing cartwheels — to try to pivot to entitlement reform. This is not a deal here.” On the other hand, Senator Kent Conrad (D-ND) feels the progress has been positive, describing President Barack Obama’s proposal as a real deal with the right restrictions in place.
At 5 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,672.30, Down $25.90.
- Silver, $31.68, Down $0.59.
- Platinum, $1,596.90, Down $12.60.
- Palladium, $688.10, Down $10.20.
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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
