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Closing Gold & Silver Market Report – 11/15/2011

GOLD ENDS HIGHER AS NERVOUS INVESTORS STILL SEEK SAFE HAVEN

Gold prices closed the day slightly higher. Silver prices closed with a solid gain of about 1.5%.

This time of year, hedge funds and other investment firms are required to make regulatory filings with the SEC and report their holdings. These reports can give an indication as to the outlook of some of the world’s savviest investors. It appears that many are cautiously optimistic but are still avoiding risk, mainly due to fears of a contagion from Europe’s financial woes. Ryan Detrick, senior analyst at Schaeffer’s Investment Research, said, “We still think it makes sense to be cautiously bullish here. Don't go overboard, obviously, because those Europe concerns are clearly still relevant.”

Meanwhile, Chicago Fed President Charles Evans is pushing for a commitment from the Fed to do more to decrease the nation’s high unemployment rate. Evans, who has been pushing for more aggressive action from the Fed for some time, said, “I just think this is the time to stretch the boundaries a little bit more and take a few chances.” He is pushing for a plan that involves asset purchases (some form of quantitative easing (QE) as well as very low interest rates until the unemployment rate drops below 7% or inflation rises above 3%. At the most recent meeting of the Federal Open Market Committee, Evans was the lone dissenter on the panel who favored more aggressive action, including a third round of QE. Now, two more Fed presidents have released statements supporting Evans’ ideas.

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

  • Gold - $1,783.70 – Up $3.30.
  • Silver - $34.60 – Up $0.54.
  • Platinum - $1,643.00 – Down $1.10.
  • Palladium - $668.80 – Up $2.50.

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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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