Gold is holding above $1200 per ounce on a Christmas Eve shortened trading session (as of 1:00 ET) as traders prepare to make their way home for the Christmas holiday. With gold hovering around the $1200 range for the week, bullish traders have noticed a resilience in the yellow metal in the days since the Federal Reserve announced restrictions on its policy of quantitative easing. This deflationary turn has prompted a belief that, combined with lower prices this year, gold is in the process of stabilizing and the prospect of further downside pressure has been reduced.
The price of gold was also put under mild pressure in this holiday shortened trading week by recent positive economic data. Combined with the Fed’s clamp down on inflationary stimulus policies, one would normally expect gold to have closed below the $1200 level. The price stabilization has shown a different and more bullish outcome, with traders and investors looking forward to the emergence of 2014 with hopes of not only gold price stabilization continuing, but of marked increases in the prices of gold and silver as well.
National Coin Broker would like to wish a Merry Christmas and Happy Holidays to one and all. Our staff is looking forward to assisting all of you in the coming year with advice, pricing and a great selection of gold and silver coins as we welcome in 2014. Call us at (800) 707-7923 and let National Coin Broker help you to ring in the new year with great additions to your precious metals and coin collections!