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Midday Gold & Silver Market Report – 11/8/2011

GOLD PASSES $1,800 AS CONTAGION THREATENS EURO ZONE

Precious metals prices have gained slightly this morning following a meeting of Greek party leaders. The subject was whether to make Lucas Papademos the new prime minister. There was no word about whether Papademos had accepted the position. Panagoitis Dimitriadis, a public sector pensioner, commented on the severity of this decision, saying, “If this government doesn’t work out, we are lost.”

Greece is not the only country suffering from lack of continuity in government. Italy just voted to approve its latest budget, but the vote was won without a majority. Some fear this leaves the door open for Italy to follow in the footsteps of Greece in regards to a confidence vote and leadership change. There are thoughts that a replacement of leadership will lead to further instability, and U.S. stocks have reacted to such fears by losing early morning gains.

Italy, the world’s eighth-largest economy, takes center stage as the primary threat to the stability of the euro zone, which includes 17 countries. Leaders are attempting to prevent a bond market meltdown that would create a contagion effect, which would likely bring down the larger euro zone economies.

At 11:45 a.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,805.40 – Up $12.30.
  • Silver - $34.34 – Down $0.48.
  • Platinum - $1,675.50 – Up $17.50.
  • Palladium - $678.70 – Up $14.80.

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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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