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Morning Gold & Silver Market Report – 12/16/2011

DESPITE GOLD’S PRICE CHANGES, PHYSICAL DEMAND STILL INCREASING    

Gold is bouncing back from the losses experienced this week, along with Silver, Platinum, and Palladium. Bloomberg surveyed 21 economists on which direction Gold will take next week, and nearly half of them said they believe the price will rise. Ten of the 21 believe next week will be positive for Gold prices, while three were neutral, and the remaining eight believe it will drop further. If anything, this split demonstrates that no one really knows what prices will do. 

While economists are torn about Gold in general, common investors looking to diversify their portfolios have supported an increase in demand for physical bullion. In this quarter, demand is at its highest in more than a year, because the fundamentals (such as the debt problems in Europe and the U.S.) haven’t changed, said Adrian Day of Adrian Day Asset Management. He said, “The fundamentals remain positive. Both the European Central Bank and the Fed remain easy. After this cleansing, Gold will move up again.” Day also said the dip in prices could lead to more buying from the central banks of the world.

Members of the eurozone are still bickering over a resolution to that region’s debt crisis. Italian Prime Minister Mario Monti said the eurozone’s reaction to the crisis “should be wrapped in a long-term, sustainable approach, not just to feed short-term hunger for rigor in some countries.” Many saw this as a backhanded comment directed at Germany, the region’s leading economy. German Chancellor Angela Merkel is pushing for automatic sanctions for those countries with high deficits within the eurozone.

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

  • Gold - $1,593.60 – Up $16.40.
  • Silver - $29.69 – Up $0.40.
  • Platinum - $1,429.50 – Up $21.50.
  • Palladium - $627.20 – Up $5.60.

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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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