Gold and Silver Trade Flat as Inflation Remains Weak
On Tuesday, gold (NYSEARCA:GLD) futures for December — the most active contract — increased $1.20 to close at $1,273.50 per ounce, while silver (NYSEARCA:SLV) futures edged 2 cents lower to finish at $20.33.
Gold and silver continued to trade sideways as inflation fears remain on the back burner. The average cost of a 10-person Thanksgiving feast is cheaper on a year-over-year basis for the first time since 2009. According to the American Farm Bureau Federation’s 28th annual price survey, Thanksgiving dinner will cost $49.04 this year, down from $49.48 in 2012 and $49.20 in 2011.
“This year we can be thankful that Thanksgiving Dinner, a special meal many of us look forward to all year, will not take a bigger bite out of our wallets,” said John Anderson, AFBF’s deputy chief economist. “Most Americans will pay about the same as last year at the grocery store for a turkey and all the trimmings. Slightly higher turkey production for much of the year coupled with an increase in birds in cold storage may be responsible for the moderate price decrease our shoppers reported.”