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Midday Gold & Silver Market Report – 11/7/2011

WILL EU DO ENOUGH TO CONTAIN CRISIS?

Precious metals prices have continued their climb on safe-haven appeal since the Morning Gold & Silver Market Report. The fallout over the Greek prime minister’s resignation and continuing concerns over Italy’s prime minister continue to permeate markets across the globe. “Gold is resuming its role as a safe-haven investment because of the problems in Europe,” said Donald Selkin, chief market strategist at National Securities Corp. “It has also found good support from physical purchase.” The stock market “appears to be in no-man’s land and at the mercy of Europe’s news flow,” said senior strategist Alan Gayle of RidgeWorth Capital Management.

The times are extremely tricky in Greece, with Prime Minister Papandreou’s resignation and a coalition of leaders expected to push through the bailout. This will be a monumental task, considering that the coalition has just four months before new national elections. These four months are possibly the most important in Greece’s history. Signs point to an uneasy transition, as opposition leaders already are not attending meetings. Former Greek Finance Minister Stefanos Manos said, “The new prime minister will ... not give the impression that he is in charge. Everyone will be looking to the two party leaders who will be running things behind the scenes. … The civil service won't implement any decision, and everyone will be waiting for the election."

Italy continues to have its own leadership issues. The main worry is that there is a lot of talk and not a lot of action when it comes to Prime Minister Silvio Berlusconi. Italian markets rose when reports of his pending resignation surfaced, but markets dropped after Berlusconi debunked those rumors. Berlusconi’s main opposition, Dario Franceshini, said, “Berlusconi is bluffing in a last desperate attempt to save himself. He no longer has a majority in the Chamber.” This sentiment is shared by members of Berlusconi’s own party, including Interior Minister Roberto Maroni, who said, "The latest news leads me to think that the majority no longer exists and that it is useless (for Berlusconi) to be obstinate.”

Proposals of pre-emptive austerity measures are being sent to French leaders today. The savings will come in the form of tax hikes and pension reforms.

At noon (CST), the APMEX precious metals prices were:

  • Gold price - $1,789.60 – up $31.50.
  • Silver price - $34.80 – up $0.68.
  • Platinum price - $1,657.40 – up $28.10.
  • Palladium price - $664.10 – up $6.90.

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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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