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Closing Gold & Silver Market Report – 12/15/2011

IMF FEELS EUROPEAN CRISIS GETTING WORSE

Since the Mid-Day Gold & Silver Market Report, precious metals prices have remained fairly stable. The outlook for gold remains quite strong. The relative strength index for gold remained below average for another day, which points to an attractive buying potential. In a note to its investors, Commerzbank analysts wrote, “Investors with a medium- and long-term view are remaining loyal to gold, and gold ETFs are still showing no outflows. In our view, bargain hunters are soon likely to take advantage of the low price levels.

In an interview with IMF Director Christine Lagarde the international community was basically put on notice that the European debt crisis could affect all global economies. The issue revolves more around the global community needing to come together versus isolating countries, which just recently happened with England after the EU summit last week. Europe needs to get its house in order to contain the risks being posed. Her most telling comment, “There is no economy in the world, whether low-income countries, emerging markets, middle-income countries or super-advanced economies that will be immune to the crisis that we see not only unfolding, but escalating at a point where everybody would actually have to focus on what it can do.”

That news should be a bit concerning to Americans as economic data here in the U.S. starts to actually show improvement. The overall good news involving industrial output, unemployment and even auto production has investors feeling more confident. That confidence has led to a slightly higher stock market closing after three straight days of losses. "It looks like we have just hit a clear patch on the road to recovery, where things are going to speed up a little bit," said Mark Vitner, a senior economist at Wells Fargo Securities.

At 4:00 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,572.90 – Down $14.00.
  • Silver - $29.18 – Up $0.23.
  • Platinum - $1,408.20 – Down $19.10.
  • Palladium - $621.50 – Up $0.90.

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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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