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Mid-Day Gold & Silver Market Report – 10/14/2011

IMF PUT IN ITS PLACE, U.S. TO PLAY GREATER ROLE

Precious metals prices have remained relatively steady since the Morning Gold & Silver Market Report. The continuing European Union (EU) debt crisis continues to be a source of concern for global markets. The G20 conference, which began today, has already seen its fair share of interesting propositions today. According to Ross Norman of Sharps Pixley, "The big picture remains positive for gold. The supply-demand fundamentals are very much in place and there has been an augmentation in that rally by economic fears … Presently gold sits towards the top end of its trading range... and awaits fresh impetus — physical demand [of gold] is robust and there is good support below this market."

EU officials are considering a blanket write-down of up to 50% on Greek bonds. This would be a kind of protection for banks and bond purchasers as a means to combat the debt crisis. There are provisions in the discussions to help stabilize that type of proposal. The main component to any proposal’s success or failure is directly tied to getting Greece back to being a viable euro zone contributor again. The Greek economy is set to shrink for a fifth year and its debt is set to reach 172% of its Gross Domestic Product. The conference of EU officials is set to run for another week, with the hope that a truly viable plan comes forth.

A number of issues are set to be addressed in the G20 conference, including what exactly the role of the International Monetary Fund (IMF) should be during this crisis. One idea that has already met resistance is not expanding the size of the IMF at this time. There are other proposals on the table as well, like injecting more capital and developing different loan options, which were shot down, for now, in the hopes to get the European debt crisis in order. "The first priority here is for Europeans to put their own house in order," Australian Finance Minister Wayne Swan said. U.S. Treasury Secretary Tim Geithner also stated that the IMF is well-funded and could implement a program similar to the Troubled Asset Relief Program, which helped the U.S. through its debt crisis in 2008. He also said, "Through the IMF, of course, we're already playing a very major role," he said in a live interview in Paris. "We're happy to see the IMF continue to play that role in support of a more forceful, comprehensive strategy where Europe's own resources—very ample resources—are deployed on a much more substantial scale."

At 12:02 PM (CT) the APMEX precious metals spot prices were:

  • Gold - $1,682.30 – Up $11.80.
  • Silver - $32.17 – Up $0.46.
  • Platinum - $1,556.00 – Up $23.60.
  • Palladium - $624.00 – Up $27.90.

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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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