Morning Gold & Silver Market Report – 12/12/2014
Paul Stevens
12/12/2014 10:09:00 AM
GOLD SET FOR BIG WEEKLY GAIN AS STOCKS, OIL STRUGGLE
Gold and Silver prices are slightly lower in early morning trading. However, even with this morning’s movement, Gold is set for its second straight week of gains and is up nearly 3 percent this week after dips in the U.S. dollar, stocks and oil prices. With Gold having its biggest weekly rise since June, some analysts are considering the yellow metal’s next move. Saxo Bank's head of commodity research Ole Hansen said, “Gold and Silver have both had a very good week, going against the trend seen elsewhere. … Overall there is a feeling out there that traders are now going defensive on their positions and this is weakening the dollar, thereby adding some support to Precious Metals.”
U.S. stock futures declined Friday as oil prices continue to lose ground. Oil’s recent struggle has reignited fears of an overall struggling global economy and some are concerned with deflation on the horizon. Fawad Razaqzada, technical analyst at FOREX.com, wrote, “Deflation is very bad news, because it could send the economy into a vicious cycle and lead to a prolonged recession or even a depression.”
At 11:07 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,228.90 Up $0.20
- Silver, $17.20 Up $0.04
- Platinum, $1,235.50 Down $8.70
- Palladium, $817.80 Down $1.80
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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
