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

EUROZONE MINISTERS STRUGGLE TO SAVE THE EURO; EXECUTIVE WARNS OF DEBT CRISIS OUTCOMES

Since the Mid-Day Gold & Silver Market Report, the price of Gold has continued to climb, experiencing its second session of gains and ending higher than it has in more than a week. Gold prices were aided by a weakness in the U.S. dollar. Prices for Silver and Palladium also have increased since the Mid-Day Report, with Platinum being the only metal to see a slight drop.

Finance ministers from the eurozone gathered at the headquarters of the European Union today in a frantic effort to rescue the euro and, by extension, protect the rest of the world’s economy from a debt-related financial collapse. The 17 ministers discussed possible ways the eurozone could bounce back from its ongoing debt crisis, including ideas for changes to existing zone rules that previously were considered off limits. The European debt crisis has engulfed Portugal, Ireland, and Greece, and many analysts fear Italy, which has the third-largest economy in the eurozone, will be next.

Pimco Co-Chief Executive Officer Mohamed El-Erian is warning investors to prepare for three possible outcomes from Europe’s debt crisis. Despite Wall Street’s seeming optimism over a solution for the European Union’s financial woes, El-Erian cautioned in an interview that there is still more that must be done, and that investors should be ready for the possibility of some unpleasant outcomes. The three scenarios El-Erian posited were a breakup of the eurozone (which El-Erian said would be “incredibly disruptive not just for Europe but also for the global economy”), the adoption of uniform financial reforms for eurozone members, and a “middle ground” scenario in which some countries default on their debt obligations and then leave the European Union. El-Erian said, “We are no longer looking at what we call a traditional bell curve where there is one dominant outcome. We’re looking at a curve that is much flatter and has much fatter tails. Investors have to test different exposures to that new distribution. That’s what happens when you put sovereign risk at play.”

At 4:02 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,717.00 - Up $4.50.
  • Silver - $31.95 - Down $0.29.
  • Platinum - $1,539.20 - Down $1.30.
  • Palladium - $588.40 - Up $6.90.

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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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