Morning Gold & Silver Market Report – 12/20/2013
Ryan Schwimmer
12/20/2013 8:26:01 AM
GOLD HITS SIX-MONTH LOW; GDP REVISION BETTER THAN EXPECTED
Gold and Silver are trading mostly flat in morning trading, with Gold near a six-month low. Eugen Weinberg, head of commodities at Commerzbank, believes Gold needs a small rally and some stability to establish a bullish trend. He said, “If the Gold price should succeed in forming a stable and long-term bottom at above $1,220 per troy ounce, investor interest is likely to pick up again. After all, the considerable uncertainty over (this round of quantitative easing) is gone, meaning that the spectre of ‘tapering’ has lost its ability to scare the Gold market.”
U.S. stock futures added to gains after news that the country’s third-quarter growth was lifted to 4.1 percent. The gross domestic product figure is one that was closely scrutinized by the Federal Reserve in deciding whether to taper its quantitative easing program. Stocks are poised for strong gains for the week, with the Dow Jones Industrial Average hitting a fresh high Thursday.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,200.90, Up $4.70.
- Silver, $19.34, Up $0.09.
- Platinum, $1,330.30, Up $9.10.
- Palladium, $700.40, Up $4.10.
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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
