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Morning Gold & Silver Market Report – 11/29/2011

EUROPE IS BAD, BUT SO IS U.S.; ANALYSTS STILL LOVE GOLD

Gold prices have risen after an overnight dip, and stock futures have pulled back slightly from early gains.  The stock market is rising mainly based on hopes that European leaders will be able to solve the debt problem in the region.  After a bond sale, Italy’s borrowing costs rose to nearly 8%, far beyond the level most economists consider unsustainable.  European markets and the euro slipped earlier on a report that France would be downgraded from Standard & Poor’s AAA credit rating.  Yet, with this news from Italy and France, U.S. stock futures are gaining based on optimism out of the euro zone.

The last thing the U.S. can do is look down on the euro zone for the continually spreading crisis.  The Associated Press explains that the European debt crisis is echoed in the U.S. by American leaders’ inability to conquer its own debt crisis.  Nariman Behravesh, chief economist with IHS Global, said, “[The fact is] that politicians in both areas have taken what is an inherently manageable problem and turned it into a crisis by their actions or lack of actions.”  He continued, “The worry is that Europe will have what’s referred to as a ‘Lehman moment.’  That would be a problem for the U.S.” because of how interconnected global finances are.

Gold continues to shine in analysts’ eyes.  Commerzbank analyst Daniel Briesemann said, “If you have a look further out for the next six, or even 12, months, we think gold is very well supported around its current levels and even more buyers should find gold attractive at these levels.”  Jeremy Friesen of Societe Generale said, “We remain bullish on gold, because we think the solutions are going to need more aggressive monetary policy, which will be positive for gold. … Into 2012 we should see aggressive monetary policy being reflected in prices of gold.”

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

  • Gold - $1,710.90 – Down $1.60.
  • Silver - $31.87 – Down $0.36.
  • Platinum - $1,540.10 – Down $0.40.
  • Palladium - $582.30 – Up $0.80.

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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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