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Gold Consolidating, Obama Will Need to Tax Wealthy

November 14, 2012 - Gold prices continued a relative easing after last week’s five straight sessions of gains that brought the gold price to three-week highs. The spot price of gold drifted 0.1 percent to $1,722.91 per troy ounce as U.S. gold futures for December delivery dipped 0.1 percent to $1,722.80 per troy ounce.

Scotia bank released a technical analysis saying gold is consolidating last week’s strong up leg from $1,673 to $1,739.

Silver prices also drifted 0.1 percent to $32.28 per troy ounce.

As forty unions in twenty-three countries across Europe prepare to participate in anti-austerity strikes, the U.S. dollar has finally fallen slightly against the euro after hitting a two-month high, effectively cutting off overseas demand in a strong dollar environment. As the strikes take place, however, it is entirely possible the euro strength will not last.

Meanwhile, the U.S. fiscal cliff is dominating market sentiment on the broader scale with U.S. president Barack Obama set to take questions today regarding his plans for tackling the budgetary crisis and political obstacles. At the start of January, with a new Congress, a series of tax hikes and budget cuts are set to take effect, called the fiscal cliff.

Deutsche Bank analyst Daniel Brebner said if we have brinksmanship and we don’t see a resolution that could put downward pressure on gold.

Brebner’s colleague Raymond Key, Deutsche Bank’s global head of precious metals trading, said from the London Bullion Market Association’s annual conference, that gold prices will take out $2,000 per troy ounce, reasoning gold will go higher on the view that the Federal Reserve will continue to print money.

The threat of the U.S. fiscal cliff as well as less-than-promising news out of Europe, which has recently reported economic indicators pointing to recession, has helped fuel bullion sales at the U.S. Mint in the meantime. American Eagle Gold Coins have made stronger numbers so far this month that last month’s reaction to the third round of quantitative easing. American Eagle Silver Coins have sold in excess of 3.1 million ounces, the second time in the coin’s 26-year history that the milestone has been achieved.

Daily Updates Archive

Jonathan Monroe

Senior Staff Writer -

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