Closing Gold & Silver Market Report – 11/28/2011
WILL INFLATION PUSH GOLD OVER $2,000?
Precious metals prices have held steady this afternoon as the dollar grew weaker on the hope that the euro would be saved by a stronger fiscal union needed to avoid a debt crisis. Sharing his opinion of the recent moves in gold, Oliver Purshce, co-portfolio manager of the GMG Defensive Beta Fund, said, “Great retail U.S. news; you’ve got some positive momentum out of Europe; to a certain extent there is a little bit of short covering; and the fourth piece is China. … What will drive prices higher are fears of inflation … if you see the ECB print money, the Federal Reserve (ease), China change monetary policy -- that would all be supportive of $2,000 gold prices.”
President Barack Obama made a statement earlier today that the U.S. is ready to step in to help with the European debt crisis, stating that this is of “huge importance.” It would be interesting to see how the U.S., which is plagued with its own debt and inability to create an effective budget, might assist a continent in its attempts to remedy its own crises and budget problems.
At 3:57 p.m. (CST), the APMEX precious metals spot prices were:
- Gold price - $1,714.80 – Up $28.30.
- Silver price - $32.16 – Up $1.08.
- Platinum price - $1,545.10 – Up $11.00.
- Palladium price –$581.50 – Up $9.30.