Daily Gold & Silver Market Report – 12/23/2015
Brandi Brundidge
12/23/2015 9:11:00 AM
GOLD STABILIZES AHEAD OF HOLIDAY; OIL’S RECENT, ANNUAL PERFORMANCE UNFOLDED
Precious Metals prices remain steady ahead of markets closing early Thursday for the Christmas Eve holiday. Wednesday morning will see the personal income and spending and durable goods report, as well as the new home sales and consumer sentiment report. Depending on what is conveyed in these reports, it could support either Precious Metals or the U.S. dollar. "The Precious Metal is mostly consolidating today," Ava Trade Chief Market Analyst Naeem Aslam said. "We do have U.S. core durable goods order data due today and it is expected to be a lot weaker than the last time, but a surprise towards the upside could bring some volatility for the metal. But overall we are expecting no major moves." Gold is expected to end the year down 8 percent, mainly due to the Federal Reserve’s procrastination of increasing interest rates until December.
Oil prices continued to rise Wednesday. The Organization of the Petroleum Exporting Countries forecast oil prices to progressively increase in the future off hopes the U.S. becomes an oil exporter once again. According to U.S. government data, the current total crude inventory in the U.S. is at an eight-decade high with an estimated 490 million barrels available. This news caused concern among analysts who believe it would be more cost-effective for foreign oil users to source oil from West Africa rather than the U.S. transporting oil by rail to costal refineries. “This year has been a reflection how (the) Organization of the Petroleum Exporting Country’s strategy of creating a new global standard by scrapping production levels has not succeeded,” Stuart Ive, a client manager at New Zealand-based OM Financial, said.
At 10:10 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,071.90 Down $5.30
- Silver, $14.33 Down $0.06
- Platinum, $867.50 Down $6.50
- Palladium, $552.10 Down $3.50
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.
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
