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Mid-Day Gold & Silver Market Report – 12/12/2011

MOODY’S DOESN’T HELP THE MOOD – Two weeks of solid gains in the stock market seem to be over as all major indices, as well as gold, are down today. Moody’s rating service is keeping an eye on the countries in the euro area, as is the rest of the world. They said today that they would be reviewing the ratings of those countries. Stanley Nabi, New York based vice chairman of Silvercrest Asset Management Group, was quoted in a phone interview saying, “The European stopgap may not be successfully implemented. In order for this program to be successful, there’s going to have to be a lot of belt tightening. That means that the European economy is not going to do well at all. That would have negative impact on other countries around the globe.”

Gold is responding today with a dip in price. The overall lack of confidence in European leadership is forcing investors into the perceived safety of the U.S. dollar. Gold, which many feel has a safe haven appeal, is shedding some price as investors sell to lock in higher profit. In the last month; however, ETFs are near records, rising 1.2 million ounces.

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

  • Gold - $1,666.40 - Down $48.40.
  • Silver - $31.08 – Down $1.16.
  • Platinum - $1,490.70 – Down $26.10.
  • Palladium - $661.30 – Down $25.30.

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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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