U.S. stock futures are trading higher this morning, while the Gold price is relatively flat again. The yellow metal’s price continues to be pulled in different directions due to the looming fiscal cliff dilemma. On one hand, investors see Gold as a safe haven, and the uncertainty facing the U.S. in the coming months has those investors concerned. On the other hand, there could be a “liquidity-driven risk event,” according to Daniel Brebner of Deutsche Bank, which would cause investors to cash out of Gold to hold the U.S. dollar.
Disappointing news in the eurozone continues, as a report showed that factory output in the region fell by the most since January 2009. Germany, normally a strong point for factory output, fell by a substantial amount. Expectations that the eurozone will see another recession (the second in three years) are rampant, and this report only makes it worse.
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,729.80, Up $3.00.
- Silver, $32.64, Up $0.09.
- Platinum, $1,585.20, Down $1.40.
- Palladium, $644.00, Up $6.40.
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