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Morning Gold & Silver Market Report – 12/21/2011

ECB TO LEND NEARLY 500 BILLION EUROS TO AILING BANKS   

Precious metals prices are relatively flat amid encouraging news out of Europe this morning, but U.S. stock futures have given up some early gains. The European Central Bank’s (ECB) lending program will be giving eurozone banks a total of 489 billion euros, which shows that banks that had needs of liquidity are having those needs met. However, it also has shown that many more banks needed a loan than what was expected.

In overnight trading, the U.S. dollar weakened against the euro, which caused Gold to spike over $1,640 per oz. The trend has started to reverse, as the dollar is gaining traction. As has been normal of late, Gold is tracking the euro, or moving opposite the dollar. It seems as though investors have started to focus on the fact that so much funding was needed from the ECB, rather than the fact that the ECB is standing behind the region’s banks. Standard Bank’s Marc Ground said, “As long as markets remain optimistic (in Europe), dollar weakness should sustain interest in precious metals.” All eyes now are on U.S. existing home sales data, due to be released later this morning.

In the United States, Republicans and Democrats are reprising their roles in a drama similar to the debt ceiling issue earlier this year. Both sides are blaming each other for halting a payroll tax cut that affects 160 million Americans. If the cut is not extended by Dec. 31, the average American worker will have $1,000 less to spend next year, which experts say could affect economic growth.

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

  • Gold - $1,619.40 – Up $1.80.
  • Silver - $29.54 – Down $0.03.
  • Platinum - $1,431.00 – Down $2.90.
  • Palladium - $632.50 – Up $2.90.

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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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