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Morning Gold & Silver Market Report – 10/10/2011

GERMANY, FRANCE PLEDGE TO SAVE BANKS; METALS, MARKETS, EURO UP, DOLLAR DOWN

Precious metals are up sharply this morning, along with global stocks and U.S. stock futures, after a renewed pledge by France and Germany to do whatever it takes to support European banks.  U.S. stocks are looking to regain ground lost late Friday after credit downgrades of Italy and Spain.  Morten Kongshaug of Danske Bank explained that even though Germany and France have been at odds regarding the source of the money to help European banks, “[t]he market is hoping that the Germans will give in to pressure from the likes of France and China.”  The New York Stock Exchange is open today, while government offices and bond markets are closed in honor of Columbus Day.

Gold is rising thanks to a sort of domino effect that starts with the pledge by Germany and France.  That bit of news made the euro stronger, bringing the U.S. dollar down, which normally supports gold prices. General sentiment among analysts is that the only resolution to the European banking problem is for more money to be printed, causing inflation, which will increase the appeal of gold.  Chinese buyers are also returning to the market after a week-long holiday, and there is strong demand for physical gold after the decline in prices Friday.  Robin Bhar, analyst at Credit Agricole, said, “…[O]n a longer-term view, you still have to be positive [about gold] given what we are seeing coming out of the physical markets, particularly in Asia … [A]s a form of insurance, it is attractive.  People are thinking the newsflow is only beneficial in the short term.  Europe still has to get its act together on a much longer-term basis.”

At 8:00 am (CT) the APMEX precious metals spot prices were:

  • Gold - $1,667.40 – Up $29.60.
  • Silver - $32.17 – Up $1.14.
  • Platinum - $1,514.90 – Up $21.60.
  • Palladium - $614.00 – Up $26.20.

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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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