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Closing Gold & Silver Market Report – 11/14/2011

NEW GERMAN POLICY SUPPORTS ALLOWING COUNTRIES TO EXIT EURO

Precious metals prices have remained relatively steady in afternoon trading. Stock markets around the world rose on news of a 6% jump in Japan’s economy as it finally starts to show signs of recovery after the devastating earthquake and tsunami earlier this year. Some people have voiced belief that the shift in power in Greece and Italy represents a major step toward solving the European debt crisis. On the other hand, there are many others who have said that while Greece is “fixable,” Italy is too big to bail out. Tom Kaan of Louis Capital Markets in Hong Kong said, “I am not very optimistic. All those who think the euro has stabilized or that Europe has stability, I think they are wrong. The risk is still very much out there.”

Many hedge fund managers and financial analysts fear that even if all goes well in Greece and Italy, we would not be out of the woods yet. These investors and analysts are planning on continued market volatility and a prolonged recovery. James Paulsen, chief market strategist at Wells Capital Management in Minneapolis, said, “For ‘traders,’ the world has certainly changed and the new higher-risk environment needs to be recognized and trading strategies appropriately altered.” Savita Subramanian, Bank of America Merrill Lynch’s equity and quantitative strategist, said, “Investors hoping for a respite from a volatile and correlated market may be disappointed. Europe is expected to experience a mild recession in 2012, and the U.S. policy looms large, as we expect another credit downgrade, government spending cuts and continued tax uncertainty.” In lieu of the uncertainty, TrimTab’s Charles Biderman recommends clients hold hard assets to help them protect against the volatility of the markets.

An important preliminary vote today by German Chancellor Angela Merkel’s Christian Democratic Union party endorses a resolution that supports a policy that allows countries to leave the euro and retreat to their own currencies so as to help keep the euro strong. The resolution now awaits the assent of Merkel’s coalition partners before becoming policy. The German policy’s main priority would be to allow countries the freedom to exit the currency for the betterment of all involved. Finance Minister Wolfgang Schaeuble said, “We’re not throwing anybody out … but if a country can’t carry the burden or doesn’t want to carry the burden -- and the Greek people have to carry a heavy load -- then we have to respect the country’s decision.” This would allow the embattled countries to print their own money, thus devaluing their currencies to lighten their burden.

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

  • Gold price - $1,783.10 – Down $7.00.
  • Silver price - $34.27 – Down $0.45.
  • Platinum price - $1,644.00 – Down $2.70.
  • Palladium price - $666.30 – Up $1.50.

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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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