Morning Gold & Silver Market Recap – 12/23/2013

Ted Prince

12/23/2013 8:18:00 AM

GOLD SEEKS SUPPORT AS IMF LOOKS TO RAISE ECONOMIC EXPECTATIONS

Precious Metals prices remain flat this morning as low trading volume ahead of the Christmas holiday is rousing little movement for Gold and Silver.  Gold rallied back above $1,200 an ounce Friday and looks for further support as ongoing economic strength and an initial U.S. Federal Reserve taper will do little to motivate any short term upward momentum.  "Gold is in a bit of a limbo now because we know that the Fed starting to reduce their bond buying is a reality and the dollar should hold relatively strong from here," VTB Capital analyst Andrey Kryuchenkov said.  With this year’s pullback for Gold and Silver, many investors are using the opportunity to take advantage of lower prices. 

U.S. stock futures are trading higher ahead of Monday’s open as the International Monetary Fund (IMF) plans to raise their economic outlook.  “The positive assessment the IMF gave with regard to U.S. growth corroborates the improving economic indicators we have been witnessing the last two months in the U.S.,” Konstantin Giantiroglou, head of investment advisory at Neue Aargauer Bank in Switzerland, said. “The sentiment going into Christmas and New Year is good. We have an improving global economy and for the first time since the financial crisis we should see a synchronous recovery.” With a seamless resolution to U.S. budget negotiations and the beginning of stimulus reduction, the IMF sees a positive future. 

At 9:15 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,206.60, Down $3.60.
• Silver, $19.51, Even.
• Platinum, $1,335.60, Up $0.40.
• Palladium, $699.00, Up $0.30.

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