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Every week, we give you the latest news about gold, precious metals and the overall economy. This week’s stories include: Russia and South Africa meet to discuss how they can boost the prices of platinum and palladium, gold smuggling in India is still on the rise and gold buyers are back thanks to the sell-off in U.S. stocks. Click on the link for more details.

November has come and gone with gold not reaching $2000 as some had predicted. Indeed, several large ETF sales and massive automatic sell-offs stymied the progression of the yellow metal during the last week of the month. Gold closed down Friday at $1701.50, with silver closing at $32.85. While some are pulling back on their predictions for gold and silver, Morgan Stanley is remaining bullish and suggests you do, too. China has launched their own gold index, and some mines seem to be indicating that the need to diversify their enterprise is at hand. The European Union is still together, with Draghi twisting some arms to at least get a stay of execution until the US decides that the fiscal cliff is really just its own shadow. Meanwhile on Planet Real World, gold coins are seeing record sales. It’s deja vu all over again.

With the US elections over and maintaining the status quo for the most part, are we back to square one, or can we expect reverse motion away from the fiscal cliff? The markets didn’t think so last week, with gold closing up at $1,738 and silver at $32.16. As indicated last week by astute analysts, the election was a non-event for the markets, though it has made it clear that hedging in gold and silver is a very good idea. Have you talked to one of our precious metals specialists yet? It’s time to ready yourself for the likely paper burn as inflation picks up. You may reach us at (800) 355-2116.

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