Gold Climbs After Consumer Confidence Report

Gold Climbs After Consumer Confidence ReportLos Angeles CA, December 27 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Wednesday as Gold climbs after consumer confidence report. Gold is up 0.26 percent to $1,286.30 an ounce after climbing $8.50 on Tuesday to close at $1,283.00 an ounce.

Silver is up 0.82 percent to $16.66 an ounce after adding $0.15 on Tuesday to close at $16.52 an ounce. The Gold/Silver ratio fell to 77.66. Platinum is down 0.43 percent to $918.00 an ounce. Palladium is up 0.58 percent to $1,048.00 an ounce.

Gold rose in early trading on Wednesday after a weaker-than-expected consumer confidence index reading for December. Consumer confidence fell well below analysts’ expectations of 128.0 to just 122.1 in December. The November reading was also downwardly revised to 128.6.

“The decline in confidence was fueled by a somewhat less optimistic outlook for business and job prospects in the coming months. Consumers’ assessment of current conditions, however, improved moderately.” said Lynn Franco, director of Economic Indicators at The Conference Board.

North Korean Concerns Generate Safe Haven Appeal

Meanwhile, as the year comes to a close, and with the Gold-to-S&P 500 ratio at a 10-year low, it may be time to add Gold to your portfolio. World stock markets are still high but concerns about North Korea continue to generate safe-haven flows into Gold.

The U.N. Security Council voted unanimously on Friday to impose tough new sanctions on North Korea. On Tuesday, the U. S. announced additional sanctions against two North Korean officials linked to that nation’s ballistic missile program.

“The North Korean statement that U.N. sanctions are an act of war is, as tends to be the case, an exaggeration, but nevertheless the market has no choice but to price it. Some safe haven positioning is a natural reaction,” said Mizuho’s head of rates Peter Chatwell.

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