Christmas Eve Morning Market Update

December 24th, 2012 by

U.S. markets will only be open a half-day today in advance of the Christmas holiday. This, combined with everyone on Wall St. hunkering down to await the outcome of the fiscal cliff stalemate (I will be so glad when I never have to type those words again,) means we should see very light trading.

The dollar is slightly down, as is oil today. Global equity markets are mixed, with Euro markets and US futures down on fiscal cliff anxiety. The yen is close to a 20-month low as new Prime Minister Shinzo Abe leans on the Bank of Japan to raise their inflation target to 2%, in an attempt to kick-start the economy.

Overnight physical gold buying in Asia brought the spot price back above the $1,660/oz mark. At 9am, the spot price for gold is $1,662.01, silver is $30.17, platinum is $1,543.00, and palladium is $690.12

by David Peterson