Greece and the fiscal cliff

U.S. stock futures look to start lower today. Negotiations will continue today between the President Obama and top congressional leaders as they try to come to terms on upcoming tax increases and spending cuts, otherwise know as the Fiscal Cliff. Greece is still in the news as the euro-area finance ministers are in discussion over the next round of aid for the country’s distressed economy. Henrik Drusebjerg, senior strategist at Nordea Bank said, “We could see U.S. markets start positively, but they’re a bit nervous about Greece.”

Today, if you weren’t already aware, is Cyber Monday, a term that was coined back in 2005. Economically, it is a boost to the retail sector as was Black Friday and Small Business Saturday. It’s estimated that today’s Cyber Monday will be the biggest online shopping day of the year for the third year in a row, up 20 percent from last year.

The Gold price stayed near its five week high in overnight trading even after the dollar strengthened. Edel Tully, an analyst at UBS AG in London said, “The uncertainties surrounding the euro group meeting on Greece have impacted the euro-dollar and in turn Gold.”

At 9 a.m. (EST), the APMEX Precious Metals spot prices were:

  • Gold, $1,753.40, Up $0.00.
  • Silver, $34.21, Up $0.03.
  • Platinum, $1,616.80, Down $1.30.
  • Palladium, $670.00, Up $1.40.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EST)! Or call us Fridays until 6 p.m. (EST)! 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.

 

Enhanced by Zemanta

ECB announcement, Fed meeting disappoints markets

 

ECB ANNOUNCEMENT, FED MEETING DISAPPOINT MARKETS

American stock futures gave up some early gains after the European Central Bank (ECB) announcement that eurozone interest rates will remain the same.  While many economists believed that would be the case, it seems investors were hoping for more than that.  ECB President Mario Draghi, during a press conference, reinforced his commitment to the euro, stating that it is an “irreversible” union.  He also called to governments, saying they need to “stand ready to activate bail-out funds.”  Stock futures and Precious Metals moved into the red as Draghi spoke.

The Federal Reserve said yesterday that actions would be taken to stimulate the economy.  Yesterday’s drop in Gold’s price was the biggest in more than three weeks, and was largely due to the lack of announcement by the Fed.  However, buying of Gold by central banks is still supporting the Gold price.  UBS said in a note, “[Central bank buying] has been providing investors with some comfort, that stronger hands are active.”

At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,598.40, Down $6.50.
  • Silver, $27.32, Down $0.32.
  • Platinum, $1,394.00, Down $7.30.
  • Palladium, $576.40, Down $7.20.

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.

 

Enhanced by Zemanta

Weekly Gold and Silver Market Recap for May 18, 2012

by Nicholas Wilsey. Email Nicholas.

Gold’s resiliency shines:

The week started in the same fashion as it ended last week. Gold prices were continually being affected by the strong U.S. dollar and the economic crisis in the Europe. The eurozone’s economic and political crises haves been affecting global markets during the past week. “Worries about Europe are pushing people to the dollar,” said Frank McGhee at Integrated Brokerage Services LLC. Even in the face of adversity many experts saw the long term picture;  “On a long-term basis, Gold has a place in most investment portfolios for two reasons: We foresee demand returning from emerging markets, and more and more investors buy Gold as a hedge against inflation,” said Sanjeev Sardana, financial adviser and chief executive officer of Bluepointe Capital Management. On Thursday the market responded with the first upswing of the week. “We have seen more interest come through from physical buyers … because prices have come down substantially,” said Afshin Nabavi at MKS Finance. The trend has continued to Friday, looking to end the week on a positive note. In a note to investors, UBS wrote, “Yesterday, Gold defied a stronger dollar, weaker equities, and another raft of negative EU headlines (to rise). It felt like the Gold market of yesteryears.” Continue reading