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Morning Gold & Silver Market Report – 12/12/2012

GOLD, SILVER PRICES FALL ON STRENGTHENING DOLLAR   

Last week, investors tried to be optimistic about the European summit deal. When official announcements were made Friday, markets tried to remain positive. But the lack of substance sunk in over the weekend, and confidence in the financial markets quickly began to wane. Britain made it clear that it wants no part of any treaty changes that would force countries to give up some sovereign rights. In the end, there is still no plan, and now all 17 countries would have to agree to the legal terms of a new treaty. French President Nicolas Sarkozy expects to have a plan by March, but markets are skeptical. The euro is declining as a direct result of this failing confidence; by default, the U.S. dollar is gaining in popularity as Gold and Silver prices move lower.

European events have been driving the financial markets of late, but an active week ahead might turn attention to the U.S. this week. The Federal Reserve Board will meet Tuesday, although no new action is anticipated. There will be important economic reports coming out. Data from November’s retail sales will be out Tuesday. The weekly jobless claims report is due Thursday. Producer and consumer inflation data are to be released Thursday and Friday. This week also is expected to be busy, as historically the weeks before and after Christmas are rather quiet.

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

  • Gold - $1,672.60 - Down $42.20.
  • Silver - $31.16 – Down $1.08.
  • Platinum - $1,489.50 – Down $27.30.
  • Palladium - $665.50 – Down $21.00.

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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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