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Market Reports

Morning Gold & Silver Market Report – 12/14/2012

SILVER PRICE DROPS BELOW $30    

Silver prices had been spending time below $30 per oz earlier this morning, but the price had bounced off its low by 8 a.m. (CST). Precious metals prices in general are under pressure on continued eurozone concerns. The euro continues to decline and 5-year Italian bond yields went to a record 6.47%. The declining euro has bolstered the U.S. dollar, creating the widest spread between the two in almost a year. As the U.S. dollar becomes the preferred safe-haven play, we have seen money moving out of Gold and Silver. The decline of the euro and the rise in Italian bond yields are both strong indicators that pessimism is growing over whether the politicians will be able to work toward a viable plan.

Are the Gold bugs throwing in the towel? Or is this recent rise in discouragement going to serve as a springboard for the next new rally? In an article written today for MarketWatch, Mark Hulbert presents contrarian analysis stating that Gold could be setting up for a rally to all-time highs. He does point out that no analysis is right all the time, but contrarian analysis is right most of the time.

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

  • Gold -  $1,620.80 – Down $40.10.
  • Silver - $29.69 – Down $1.56.
  • Platinum - $1,455.40 – Down $37.90.
  • Palladium - $617.00 – Down $47.10.

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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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