by Harvey Organ, HarveyOrgan.Blogspot.ca:
Good evening Ladies and Gentlemen:
Gold closed up $19.90 to finish the year at $1674.80. Silver finished the year at $30.17 up 25 cents.
Gold has now risen in each of the last years and many have said that no other asset class can boast a gain every year for 12 years. Today the story is the farce behind the fiscal cliff. Yesterday Durban, one of the big Democrats stated that it would be foolish for them to entertain a deal and not deal with the debt ceiling which was officially hit today. There will be no vote tonight so officially, the USA goes off the cliff.
However there will be deals on the tax front preventing many from paying higher taxes. The real issue left undone is the debt ceiling which must be addressed by March 2013. Tonight’s commentary will be short so you can get ready for New Years. I will outline a few major stories but first…