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Closing Gold & Silver Market Report – 11/23/2011

EUROPEAN COMMISSION REQUESTS EUROBONDS TO BE BACKED BY GOLD

Precious metals have remained steady from earlier trading as we head into Thanksgiving.  News of the German bonds have put an even more negative light on the situation in Europe and stocks tumbled as a result.  Chinese manufacturing activity was down in November, its lowest in 32 months, spurring deflationary fears and pushing the dollar higher making gold buying more expensive. 

The news that Germany (along with other European countries) was unable to get needed loans has pushed the European Commission into discussing the possibility of eurobonds with gold collateral, along with pleas for the European Central Bank to lend the funds or start printing money in a last-ditch effort.  Ross Norman of SharpsPixley, says, “If Europe sinks then it would impact all currencies and be a positive for gold.”  Adding that he feels gold’s inverse correlation to currencies (especially the U.S. dollar) could disappear, setting new standards and causing a “considerable rally in the gold price.”  Norman argues that if the eurobonds used gold as a collateral, it would ultimately be a positive for gold, saying, “It highlights the fact that it is the asset of last resort…gold is the asset that holds it value and it underlines gold’s incredibly important roll.

Mark Grant, a managing director at Southwest Securities Inc. in Fort Lauderdale, commented on the German bond crisis earlier today, saying, “This auction is nothing short of a disaster for Germany.  If the strongest nation in Europe has this kind of difficulty raising capital, one shudders concerning the upcoming auctions in other European nations.”

At 4:00 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,695.00 – Down $9.40.
  • Silver - $31.74 – Down $1.26.
  • Platinum - $1,555.00 – Down $21.00.
  • Palladium - $586.00 – Down $17.10.

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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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