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Closing Gold & Silver Market Report – 12/9/2011

MORE WINNERS THAN LOSERS AFTER EU SUMMIT   

Precious metals prices remained relatively steady through afternoon trading. The outlook brightened for Gold following the good news coming from Brussels, Belgium, after the latest EU summit, which is being considered a marginal success. The result of the summit seems to be a closer fiscal union and an agreement on new treaty provisions. “There is a greater correlation toward the end of the year as most commodities, including Gold, are headline-correlated. As investors begin to trade into the new year, Gold will climb higher with possible inflation growing,” said Carlos Perez-Santalla of PVM Futures.

The historical implications of the EU summit could have far-reaching effects, with some analysts suggesting that Napoleon Bonaparte imagined it, Charles De Gaulle fought for it, but French President Nicolas Sarkozy may have finally achieved what was considered impossible: the European nations whole with France in charge and Britain on the outs. “Of course, this is not just a long-standing desire, but a long-standing goal of French politics … because in the French tradition, Britain never really belonged to the European Union, dating back to De Gaulle,” said a senior EU official who attended the summit. The big loser is Great Britain. British leaders were not able to gather the support they thought they had from Poland and Denmark in rewording the treaty. Germany achieved its goals but may have lost a key ally (Great Britain) in keeping France in check, with their differing trade ideals.

Something that could be interesting to keep an eye on is the outlook of the countries seeking to join the EU, such as Croatia. All the debt crisis talk has tarnished some of the luster of the EU, but membership is still viewed as a boost to economic stability. Societe Generale Splitska Banka’s Zdeslav Santic said, “EU accession is the only real scenario for Croatia that can produce economic benefits, but also stability. … But I believe the Greek experience shows us best: The EU cannot solve your problems. You can enter the EU, but you must deal with weaknesses in the economy and fiscal sector first.”

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

  • Gold - $1,713.30 – Up $1.90.
  • Silver - $32.23 – Up $0.71.
  • Platinum - $1,516.70 – Up $21.30.
  • Palladium - $686.30 – Up $10.90.

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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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