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Mid-Day Gold & Silver Market Report – 11/11/2011

ITALY MIGHT HAVE TO LEAVE THE EURO; U.S. AT STALL SPEED

Precious metals have risen since this morning and look as though they will continue to rise and stocks rally (DOW up 270 points).  There are many who have high hopes that new leadership in Greece and Italy will help turn things around, but others still feel that it is not the leadership that is the problem and that nothing will change with the new leaders.  So right now there are those with high hopes creeping back into stocks while the other continue to run to the safe haven investments while they wait for the real solution.  The news in Europe is slowing down going into the weekend, allowing the euro to make a small gain against the dollar. When the dollar recedes, it makes the price of gold more affordable for investors.

Despite the markets’ sighs of relief, there are many who continue to focus on the bigger picture of the euro zone crisis. Nouriel Roubini, cofounder and chairman of Roubini Global Economics and famed for predicting the housing market crash and world recession,has stated that he fears Italy will need to leave the euro if emergency funds are not provided by the European Central Bank (ECB), or at the very least, Germany. However, since the ECB has stated that they will not provide an emergency bailout, what does that mean for Italy and the euro zone?

With all of the news about Italy, Greece and the euro zone, the U.S. and its pending financial crises have been pushed to the back burner. This doesn’t mean the U.S. isn’t suffering from some major economic issues right now. Mohamed El-Erian, co-CEO of Pimco, spoke with CNBC about those issues. “We used all of the wrong bullets. We tried to throw money at the problem. The issue is not money, the issue is that what we have are structural impediments and structural challenges need structural solutions.” He went on to list the top five issues plaguing the U.S economy: housing, unemployment, public finances, infrastructure and clogged credit market. He also stated, “Until we get movement on those five things, we’re at stall speed.”

At 12 p.m. (CST), the APMEX precious metals prices were:

  • Gold price - $1,789.80 – Up $28.50.
  • Silver price - $34.80 – Up $0.66.
  • Platinum price - $1,47.80 – Up $20.50.
  • Palladium price - $664.30 – Up $14.40.

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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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