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Morning Gold & Silver Market Report – 12/20/2011

GOOD NEWS FROM GERMANY LIFTS MARKETS    

The European debt crisis has been one of the biggest news stories of the latter part of the year. The ups and downs in the eurozone have played havoc with markets around the world. Today, a German-based think tank is saying that business sentiment rose sharply in December.  That goes against expectations that such sentiment would decline. This is a good sign, as Germany often is considered the workhorse of the European economy. Klaus Abberger, the survey’s coordinator, said, “At the moment, I don't think we (Germany) will fall into recession again.”

As German news stabilizes markets, investors are left to wonder what will happen as events continue to unfold in North Korea. That country has entered an 11-day mourning period while its deceased leader’s body lies in state. Regional tensions are on high alert, even as U.S. Secretary of State Hillary Clinton said the U.S. is ready to help the North Korean people create lasting peace and security on the Korean peninsula. China has held talks via telephone with the U.S. and South Korea to discuss the importance of ensuring security. China and North Korea are close allies.

Gold is a winner early today as the euro is gaining against the dollar, a trend that has been playing out recently. The metal has been tied closely to the fate of the dollar and euro, and moves in each have been reflected in the price of Gold. On the year, the price of Gold is up more than 12%. “All the bull-run dynamics are still in place, but you have this trend of the strengthening dollar, positive data out of the United States as opposed to weak data out of Europe,” VM Group analyst Carl Firman said. The question remains where to place long-term wealth: in a currency that is at the mercy of a printing press and the whims of partisan politicians, or in a physical asset that is a true global currency?

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

  • Gold - $1,613.40 – Up $16.70.
  • Silver - $29.41– Up $0.51.
  • Platinum - $1,430.40 – Up $15.80.
  • Palladium - $621.40 – 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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