Daily Gold & Silver Market Report – 12/9/2015

Brandi Brundidge

12/9/2015 10:19:00 AM

SOFT DOLLAR SUPPORTS METALS; POTENTIAL U.S. RECESSION FORECAST

Gold continued rising Wednesday with a weaker U.S. dollar and European stocks. This is the second consecutive day for the dollar to fall against other major currencies after reaching a 12 1/2-year high last week. The market anticipates a rate hike at next week’s Federal Reserve policy meeting, but this expectation is not currently affecting Precious Metals prices. "The industrially biased Precious Metals are unlikely to emerge unscathed from the first Fed policy rate hike, and weakness in China has exacerbated the downside," Standard Chartered said in a note. Precious Metals across the board increased, with Silver up 0.7 percent, Platinum up 0.5 percent and Palladium up 0.3 percent.

Citi Private Bank Global Chief Strategist Steven Wieting spoke with CNBC’s “Squawk Box” about a possible upcoming recession for the U.S. economy. Wieting believes a recession is 25 percent likely in 2016 and doubles the possibility to 50 percent in 2017 due to a fragile job market, which can crumble a strong economy.  "We don't think we're going to be getting through the next several years without a recession-recovery cycle," he said. "There are not immediate growth impediments for the United States. I don't think 2016 will be a recession year for the U.S. or the global economy. But we are definitely maturing."

At 11:20 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,075.30 Down $3.20
• Silver, $14.25 Down $0.05
• Platinum, $858.90 Down $11.40
• Palladium, $551.00 Down $2.10

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