Daily Gold Update

Source: Dana Samuelson, American Gold Exchange

Austin, TX— Following yesterday�s sharp gains, precious metals were a mixed bag in New York trading today. Gold and platinum edged a bit lower while silver moved slightly higher. Palladium continued to add to yesterday�s gains. While metals were mostly sideways, today�s news was all about oil.

OPEC cut its oil demand forecast for 2015 down about 300,000 barrels a day, to 28.9 million per day, the lowest level in 12 years. The U.S. Energy Information Administration reported that oil inventories rose by about 1.5 million barrels in the week ending Dec. 5, analysts had expected a 3 million barrel decrease in supplies. And Saudi Arabia reiterated that they will keep pumping, despite declining demand and prices. When asked about potential production cuts by reporters while he was attending U.S. global warming talks in Lima, Peru., Saudi Arabian Oil Minister Ali Al-Naimi commented, �Why should I cut production?�

Brent crude tumbled almost 5% lower, to under $65 for the first time in 5 years. Energy shares sold off on the overwhelmingly bearish oil news, the S&P 500 declined 0.8% and the DJIA dropped over 150 points, or 0.9% as well.

At the Comex close: February gold declined $2.60 to $1,229.40; March silver gained 5 cents to $17.18; January platinum fell $4.20 to $1,242.60; and March palladium added another $9.80, to $821.40 an ounce.