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Mid-Day Gold & Silver Market Report – 11/30/11

GOLD BUG HITS INVESTORS

The Gold price has held steady since the Morning Gold & Silver Market Report. Analysts have made numerous predictions as to how Gold will perform in the future. In a CNBC interview, Jim Rogers, chairman at Rogers Holding, said, “I would suspect Gold will go much higher within the decade. Paper money everywhere is being debased. If the U.S. dollar turns into confetti, there is no high for the price of Gold, because the dollar will become worthless.” Precious metals strategist Anne-Laure Tremblay, at BNP Paribas, acknowledged the demand and price increase for Gold in a monthly Gold review, saying, “Despite price volatility, physical demand for Gold has been very strong in recent months (and) further sharp moves in the price are likely over the next months given the high level of uncertainty, particularly relating to eurozone issues.”

Today, the world’s major central banks reached agreement to provide liquidity assistance to the global financial system. Many do not realize Europe’s sovereign debt crisis is hitting a two-year mark and suddenly investors and banks are exiting from the eurozone bond market and government debt, respectively, in fear of the very survival of the euro as a single currency. Rapidly worsening conditions have prompted European finance ministers to look for assistance from the International Monetary Fund. France’s central bank Gov. Christian Noyer, speaking recently at a Singapore conference, said, “We are now looking at a true financial crisis — that is, a broad-based disruption in financial markets.”

With the coordinated action of the world’s central banks and a potential “Santa rally” in the U.S. economy, the only outlook that might seem to affect domestic markets is any overly negative developments in Europe. Alan Valdes, director of floor operations and vice president of trading at DME Securities, said, “The markets rallied with the news. But if you stop and think about it, you have to realize what kind of danger the world is in for all the central banks to get together and save Europe.”

At noon (CST), the APMEX precious metals spot prices were:

  • Gold - $1,746.60 – Up $29.70.
  • Silver - $32.95 – Up $1.01.
  • Platinum - $1,560.60 – Up $18.90.
  • Palladium - $612.30 – Up $28.10.

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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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