Firstly, wishing all readers a Very Happy New Year in advance. As we give farewell to 2012 and welcome 2013 with a bang, we wish the same for the economy worldwide and for all markets. Currently, the most talked about topic this new years eve is the "THE GREAT FISCAL CLIFF " and what effect will it have globally, once some decision is arrived on the same.
In simple terms, fiscal cliff refers to the economic effects that could result from automatic tax increases and a corresponding reduction in the US Budget deficit beginning in 2012 if existing laws remain unchanged..

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Almost the whole world is focused on the world’s biggest economy taking its fiscal cliff decision. An agreement is must and that will decide the future of US economy and to some extent even the global economy. Ratings firm Fitch said on Wednesday it is more likely to strip the United States of its triple-A status if a political deal is not reached to halt $600 billion of spending cuts and tax hikes set for early next year.
U.S. stocks and almost all the equity markets around the world are witnessing the best Bull Run over a long time as President Barack Obama and Republicans continued budget talks which are looking fruitful.

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This week was completely haywire for precious metals.
Gold and silver went down and then bounced back on Wednesday. However, on Thursday gold and silver plunged down big time. On Thursday, the price of gold fell by 1.21% to $1,695.9; Silver price also plunged by 4.18% to $32.3. During the month, gold declined by 0.88%; silver, by 2.73%.

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Gold prices ended Friday weaker, following weakness in equities.Gold fell almost a per cent on Friday and declined consecutively for the second month. This decline was due to investor worries over the US Fiscal Cliff resolution.
In the Indian market, by the end of Friday’s trading session gold was down by almost 400 rupees per 10 gram and silver by 1700 rupees per kg. Global news led to these volatile movements in the domestic markets. Some believe that the fiscal crisis might lead to a recession. Some even lightened their positions in gold as they feared that a failure to reach a budget deal could lower gold’s appeal as an inflation hedge. Moreover the end of month profit making saw an outbreak of sells orders. Bullion prices saw a further drop after John Boehner (Speaker of the House) said that lawmakers from his Republican party and President Barrack Obama were in a state of deadlock over a budget deal that needed to avoid a $600 billion fiscal cliff.

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