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Closing Gold & Silver Market Report – 11/16/2011

U.S. STOCKS TAKE SHARP LOSSES; FED OFFICIAL WARNS OF LONG RECOVERY

Since the Mid-Day Gold & Silver Market Report, prices of all four precious metals have slid. Matt Zeman, a senior market strategist with Kingsview Financial, said the low volumes were a result of traders gearing up for this weekend and next week’s Thanksgiving holiday. Zeman said, “Any selling in gold is likely to be shallow.” At the same time, Zeman pointed to eurozone debt concerns as an indication that gold could break away from equities here in the U.S. and take on its more familiar role as an investment safe haven.

Europe’s debt issues still held the attention of Wall Street today, as stocks here in the U.S. experienced sharp losses. The Dow ended the day down 191 points, the S&P 500 was down more than 21 points, and the NASDAQ ended down 47 points. Robert Pavlik, chief market strategist at Banyan Partners, said, “The market has got such ADD, it goes from one thing to another. It’s like my beagle puppy who can’t focus on anything other than what is right in front of her. We’re capped, at least until we can knock Europe off the front page.”

In an interview today, Christopher Waller, research director for the St. Louis Federal Reserve Bank, warned that economic recovery in the U.S. is likely to be a process that will take several years, and that the Federal Reserve can do little to shorten it. “Something’s happened in U.S. labor markets that we can’t overcome,” he said, adding, “No matter what we do, recovery is going to be slow.” The St. Louis Federal Reserve, under the leadership of President James Bullard, is usually somewhere between those who believe drastic action should be taken to stimulate economic growth and those urging restraint out of inflation fears, and often influences Federal Reserve policy. Bullard has said the Fed shouldn’t engage in any additional easing of monetary policy unless the U.S. economy derails from its current modest growth, stating, “There's no point in trying to say, ‘Cure cancer with monetary policy.’ It's just not possible.”

At 4:07 p.m. (CST), the APMEX precious metals spot prices were:

· Gold - $1,766.00 - Down $18.20.

· Silver - $33.79 - Down $0.71.

· Platinum - $1,622.10 - Down $20.60.

· Palladium - $650.00 - Down $19.10.

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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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