Precious Metals “Under Pressure” Ahead of Year-End, US “Due to Hi

http://1goldinvestment.com/precious-metals-under-pressure-ahead-of-year-end-us-due-to-hit-debt-ceiling-this-monday-says-geithner/

Precious Metals “Under Pressure” Ahead of Year-End, US “Due to Hit Debt Ceiling This Monday” says Geithner

London Gold Market Report

U.S. DOLLAR gold prices traded above $1650 an ounce Thursday morning, in line with where they started the week, as the London market reopened following Christmas.

Silver meantime hovered either side of $30 an ounce, while stock markets edged higher and the Dollar fell, following news that the US Treasury is to take extraordinary measures to avoid hitting the federal debt ceiling next Monday.

“I am still friendly with the [precious metals] market, but it looks like until the new year starts, it’s under pressure,” says Yuichi Ikemizu at Standard Bank in Tokyo.

US president Barack Obama has flown back early from Hawaii to resume talks on the so-called fiscal cliff, the $600 million of spending cuts and tax cut expiries due to come into effect from Monday. The House of Representatives remains on vacation.

Read more: http://1goldinvestment.com/precious-metals-under-pressure-ahead-of-year-end-us-due-to-hit-debt-ceiling-this-monday-says-geithner/