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Mid-Day Gold & Silver Market Report – 9/7/2011

CENTRAL BANKS CONTINUE TO MAKE GOLD A PRIORITY

Precious metals are trading lower today off yesterday’s highs, but are higher than they were this morning. Some of the pullback in gold prices came from profit taking, as investors pulled out of gold and into riskier investments of stocks. This came after news of European markets closing higher today, giving some a ray of hope. Many believe we are still not out of the woods yet. Philip Finch, a bank strategist with UBS in London , also gives his opinion, “It seems like the banking sector globally is being hurt on multiple fronts…it’s definitely getting worse.

Some may be profit taking on the higher prices gold reached this weekend or may even feel that higher market numbers in Europe mean things are getting better, but central banks do not seem to want to jump on the “sell gold” train. It has been no secret that since 2009 central banks have transitioned from being net sellers of gold to net buyers of gold. In the first half of 2011, central banks have imported 195.4 tons of gold compared to two years ago when they were selling 450 tons a year. China has announced its desire to decrease its exposure to the dollar and invest more in gold.  China is the sixth in its ranking of gold reserves, sitting at only about 6% of their foreign reserves in gold, and they have announced that they want to be where the U.S. and Germany are ( >70%).  Currently they hold $3 trillion in their foreign reserves and if they were to convert even 5% of that into gold, that would be the equivalent of buying all gold projected to be mined in 2012. However, they are not the only ones.  Kazakhstan has announced their central banks are to keep every ounce of gold they mine from January 1, 2012 until 2014/15.  Already this year, Kazakhstan has tripled their production from last year by 11 tons to 33 tons.

At 12:10 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,826.20– Down $49.10.
  • Silver - $41.77 – Down $0.17.
  • Platinum - $1,829.80 – Down $29.40.
  • Palladium - $753.80 – Up $4.30.

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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