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Closing Gold & Silver Market Report – 9/12/2011

MARKET SWINGS WILDLY AS JITTERY INVESTORS SCROUNGE FOR A SCRAP OF GOOD NEWS

Gold has ticked upward slightly since the Mid-Day Commentary.  However, the stock market has surged late in the day.  The Dow Jones Industrial Average (DJIA) hit a low point at around 2:15 pm, having lost nearly 170 points.  Following that, stocks surged, and the DJIA closed up by 68 points, a gain of over 200 points in a span of just 45 minutes.

Concerns of further Greek debt problems, including possible default, caused stocks to plummet early in the day.  Those fears were overcome with the mere possibility of an investment in Italy’s government by economic powerhouse China.  According to reports, Italian officials met in Beijing with Chinese officials in charge of China’s foreign reserves, indicating that Italy is seeking a bid directly from the Chinese government. 

However, the news out of Greece has not changed. In fact, according to Bloomberg, the market has priced in a 98% probability of a Greek default within the next 5 years.  Greece’s government is anticipating a 5% contraction in GDP this year, making economic recovery even more far-fetched.  European banks are experiencing decreasing stock prices as well as increasing borrowing costs, part of the “contagion” effect.  Germany is taking a less-supportive stance toward any Greek bailout package, with Chancellor Merkel saying that an “orderly default” is now a possibility.

At 12:00 PM (CT) the APMEX precious metals spot prices were:

  • Gold - $1,819.30 – Down $42.20.
  • Silver - $40.41 – Down $1.29.
  • Platinum - $1,809.60 – Down $29.30.
  • Palladium - $707.70 – Down $30.90.

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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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