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Mid-Day Gold & Silver Market Report – 11/18/2011

WILL THIS BE THE LOST DECADE OF EUROPE?

Precious metals are steady so far today on conflicting news of global and local economies.  The stepping in of the European Central Bank to buy Italian and Spanish debt  went a long way to ease fears of further recession and stocks both in Europe and the U.S. were up slightly on the news. It also helped boost confidence in the markets, as data was released by the Conference Board today stating the index of leading economic indicators was up by 0.9% in October, the largest increase since February.  Ken Goldstein, a Conference Board economist, says this number “is pointing to continued growth this winter, possibly even gaining a little momentum by spring,” adding that low consumer confidence is a major driving force to preventing positive momentum.  Millan Mulrain, TD Securities’ economics strategist, gave a more realistic interpretation, “… the economy remains vulnerable to mis-steps in Europe and Washington.”

Bill Gross, manager of the world’s largest mutual fund, feels that the U.S. is still at risk to the European crisis.  He adds that it has become increasingly difficult for investors around the world to find safe haven investments, “Investors are basically fleeing what were previously safe havens. [It’s] certainly a moment of 2011 which is significant.”  James Shugg, senior economist at Westpac, gives his opinion on the future of Europe, “These reforms are going to be devastatingly impacting on the population in these countries.  We are looking as a decade of lost living standards across most of Europe… There is no easy solution to this, it will be hugely painful.”  Will the European Central Bank just end up printing more money?

On a side note, who are the mystery buyers of gold this quarter?

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

  • Gold price - $1,720.70 – Down $1.50.
  • Silver price - $32.06 – Up $0.53.
  • Platinum price - $1,590.50 – Up $9.40.
  • Palladium price - $609.00 – Up $3.30.

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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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