Mid-Day Gold & Silver Market Report – 12/26/2013
Ryan Schwimmer
12/26/2013 12:01:38 PM
PLATINUM SHINES IN ECONOMIC RECOVERY
The Gold price is holding on to a moderate gain, while Silver and Platinum prices have surged in morning trading. The Platinum price is being supported by a strong demand for supply from the automobile sector. UBS AG’s Dominic Schnider said, “There’s a deficit in Platinum and people probably have just realized how cheap it is. Unlike Gold, Platinum benefits from a global economic recovery.”
One major factor holding the U.S. back from further recovery is job growth. Ira Kalish, chief global economist for Deloitte Touche Tohmatsu, said, “If we see more investment and more hiring by small businesses it could have a very positive impact—because small businesses historically account for the lion's share of job growth. And that's where we haven't seen strong job growth.” This is why, according to CNBC.com Economics Reporter John W. Schoen, the Great Recession never ended for millions of Americans.
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,213.10, Up $7.30.
- Silver, $19.90, Up $0.36.
- Platinum, $1,364.90, Up $25.80.
- Palladium, $700.60, Up $5.20.
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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
