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Mid-Day Gold & Silver Market Report

FED’S STIMULUS PLANS REMAIN UNCLEAR   

Gold prices are down slightly since this morning. Jay Taylor, president and chief executive of Taylor Hard Money Advisors, commented on the perception of Gold as a monetary metal, saying, “When confidence is lost in the currency system, Gold is usually the primary beneficiary.”

Concern is brewing in the market over Moody’s warning that it might review the credit ratings of Europe’s leading nations. Brian Dolan at Forex.com suggested what might happen if the European bailout fund were downgraded. “Absent any commitment from the ECB (European Central Bank) to buy more sovereign debt, I think the outlook remains weak for the euro, so now we're just waiting for the ratings agencies to see if they come in with downgrades. A downgrade to the (fund) would really hurt, because if that loses AAA, sovereign wealth funds in China and elsewhere would not be able to buy that debt.”'

In the U.S., retail sales showed a slight increase with a 0.2% gain in purchases for November, lower than the 0.5% that was expected. Ryan Wang of HSBC Securities USA Inc. said, “Sales are growing, but they just aren’t accelerating. There have been some real slight hints of improvement in the labor market, but until we get sustained growth in income, spending is going to be moderate.” The Federal Open Market Committee is holding its final policy meeting for the year, and it is unclear as to what type of stimulus it might offer in the U.S. at a time when Europe’s financial future remains uncertain.

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

  • Gold - $1,658.60 – Down $7.60.
  • Silver - $31.21 – Up $0.22.
  • Platinum - $1,492.40 – Up $4.50.
  • Palladium - $665.70 – Up $2.70.

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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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