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Morning Gold & Silver Market Report – 12/13/2011

PHYSICAL COMMUNITY RESPONDS TO GOLD PULLBACK; FED STATEMENT DUE TODAY    

After dipping in overnight trading, precious metals prices have recovered. Currently, Gold and Palladium are near yesterday’s closing prices, while Silver and Platinum are enjoying slightly larger gains. Monday’s price drop was the biggest in three weeks for Gold, but one analyst said that could be positive for prices today. UBS analyst Edel Tully said, “This pullback finally encouraged a response from the physical community.”  Commerzbank AG’s Daniel Briesemann said his firm is “convinced that Gold can serve mid- and long-term as a store of value.”

The U.S. Federal Open Market Committee’s statement on monetary policy is due today, and expectations are that no changes will be made to the historically low interest rate range. An announcement regarding further quantitative easing (QE) is not expected, though the Fed may drop hints in an attempt to calm market fears. Pierpont Securities chief economist Stephen Stanley said that with the improving U.S. economic data of late, the Fed is less likely to institute another round of QE. However, Stanley said the continuing development of the sovereign debt crisis in Europe will play a part in Fed decisions, as well.

A key indicator of economic sentiment in Germany ended a nine-month string of declines today. The Center for European Economic Research (ZEW) reported that economic sentiment rose 1.4 points in December in Germany. Mike Lenhoff of Brewin Dolphin said he expects mostly sideways trading in European stocks. He said, “We had a bit of positive news out of Germany this morning, but that’s Germany. And meanwhile, a good part of the eurozone is heading into recession for next year.”

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

  • Gold - $1,666.20 – Up $0.10.
  • Silver - $31.35 – Up $0.36.
  • Platinum - $1,495.10 – Up $7.20.
  • Palladium - $662.50 – Down $0.50.

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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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