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Morning Gold & Silver Market Report – 11/28/2011

PRECIOUS METAL PRICES ARE RISING THIS MORNING

Precious metals prices, along with the world equity markets, are all rising this morning on rumors coming out of the European debt crisis. The International Monetary Fund (IMF) is denying that it is in talks to help Italy to the tune of 600 billion euros. Despite this denial, many analysts still are expecting that the Italian economic crisis could come to a boiling point, whereby the IMF has little choice but to act.

There are rumors that France and Germany might come together and form a “stability pact” to fight the debt crisis. The report is short on details, but drawing a great deal of attention is a reported statement that the European Central Bank (ECB) needs to become more aggressive in fighting the debt crisis. If European politicians can just agree to a comprehensive plan, then the ECB should jump in and help.

On Monday, there was speculation that Germany might float additional bonds together with the eurozone’s five other triple-A rated nations, then use the proceeds to help Italy and Spain. Germany quickly denied this speculation. Despite the denials, markets seem to appreciate the rumor, and there is greater hope that the European leaders will get together and form a plan to save the euro currency.

Black Friday brought record retail sales in the U.S. As a result, the U.S. stock market was set to open more than 200 points up. This optimism goes against a report released Monday by the Organization for Economic Cooperation and Development (OECD). The OECD is reporting that the global economy is slowing, the eurozone is in a mild recession, and the U.S. may soon follow. The OECD sharply reduced its forecasts for growth in the world economy from 4.2% to 3.4% in 2011 and from 4.6% to 3.8% in 2012.

At 8 a.m. (CST), the APMEX precious metals prices were:

  • Gold price - $1,721.00 – Up $33.40.
  • Silver price - $32.18 – Up  $1.12.
  • Platinum price - $1,563.50 – Up $30.40.
  • Palladium price –$595.50 – Up $23.40.

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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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