Mid-Day Gold & Silver Market Report – 11/23/2011

THE FEAR OF EUROPEAN COLLAPSE REARS ITS HEAD

Precious metals prices are on the rise since the Morning Gold and Silver Market Report, heavily due to the continued debt crisis in Europe returning to the spotlight. The focus for now has been lifted off of the U.S. cutting its deficit. The global turmoil has caused a rush to cash positions or bonds, with gold retaining its safe-haven appeal. The issue surrounds the rising price of the dollar to other currencies. “The German bond auctions were the straw that broke the euro’s back,” said Kathy Lien, director of currency trading at GFT Forex. “German bonds are normally perceived as the safest investment in Europe, so if investors aren’t willing to buy German bonds, then Europe is really in trouble.”

The International Monetary Fund (IMF) is trying to control Europe’s sovereign debt crisis by announcing new measures to assist with short-term liquidity to ailing nations. These new measures are viewed by the IMF as “insurance against future shocks and as a short-term liquidity window to address the needs of crisis bystanders.” The measure is called the Precautionary and Liquidity Line. IMF Director Christine Lagarde said, “We have acted quickly, and the new tools will enable us to respond more rapidly and effectively for the benefit of the whole membership.” New York economics professor Nouriel Roubini said, “Money alone is not going to resolve the problems” in Europe, where the “contagion is spreading” far beyond the so-called periphery. “The contagion has now gone viral, cross-Atlantic and global.”  With core nations being in hot water with their financial issues, it is no wonder why Europe’s problems keep spreading like a wildfire.  

In the Middle East, Egyptians are protesting their new regime, with deadly results. However, the Arab Spring has toppled another leader, as well. Yemeni President Ali Abdullah Saleh has signed an agreement to transfer power in a deal with the six-nation Gulf Cooperation Council. Yemen has joined Tunisia, Egypt and Libya in regime changes this year. In a statement today, Saleh said, “We will be cooperative. … It is not the signing that is important; what matters is the good will and the start of serious and faithful work for real partnership to rebuild.”

At 12:04 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,699.80 – Down $4.50.
  • Silver - $32.04 – Down $0.97.
  • Platinum - $1,558.00 – Down $13.00.
  • Palladium - $590.40 – Down $12.80.

« Return to Commentaries

Disclaimer:

APMEX’s ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/23/2014 10:02:39 PM EST

Metal Bid Ask Change
Gold $1,286.00 $1,288.00 $1.40
Silver $19.40 $19.50 $0.01
Platinum $1,395.90 $1,405.90 $2.00
Palladium $783.40 $788.40 $1.40
4/23/2014 10:02:39 PM EST

Click here for Historical Charts*All Charts are in USD


Sell To Us

Selling your bullion or collectible coins is very easy and safe with APMEX! We are one of the largest gold & silver dealers in the country. Read More



APMEX Reviews

Just a short note, I've been dealing with you for several years your products are excellent customer service top shelf, packaging delivery top notch, and a easy fun website to look at.

Kevin | January, 2014 View All

As seen on...