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Closing Gold & Silver Market Report – 11/2/2011

TO LEAVE OR NOT TO LEAVE, THAT IS THE QUESTION

Precious metals continue to rise as the dollar fades, making it more affordable for investors to buy gold. Even though the Federal Reserve came out with positive comments on the U.S. economy, it did not deflect investors’ attention from the fact that the growth outlook for 2012 was cut and jobless claims were predicted to be at 8.6%. It looks as though this news is what drove investors to precious metals as a safe haven against the many different “what ifs” circulating in the world now. As usual, when Fed Chairman Ben Bernanke speaks, the markets move, and gold started moving forward. 

Now, rates are at zero, and the inflation rate in the U.S. is at 3.9%. This puts real interest rates at a negative 3.9%, making the return on a dollar at 96.1% instead of 100%.  Ross Norman, CEO of SharpsPixley, said, “U.S. news has been sidelined, and the focus has been on Europe,” but he still believes the U.S. dollar is a strong contender. “There seems to be a ping-pong in terms of what is moving gold. …Normally [the Fed would] be a big mover, but investors are still really focused on Greece and the euro.”

Observers are in a wait-and-see mode as to whether Greece will be staying with the euro or go back to their drachma.  Vasilis Serafeimakis, senior executive at Avinoil, one of the largest oil and gas distribution companies in Greece, has pushed for the drachma, saying, “If we had our own currency, we could at least print money.  And what is the worst thing that happens if we do this?  I don’t get a Christmas gift from one of my bankers.” 

At 4 p.m. (CT), the APMEX precious metals spot prices were:

  • Gold - $1,740.50 – Up $26.70.
  • Silver - $34.30 – Up $1.53.
  • Platinum - $1,604.20 – Up $22.20.
  • Palladium - $653.90 – Up $16.90.

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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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