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Closing Gold & Silver Market Report – 12/29/2011

GOLD PRICES MOVE OFF LOWS; SILVER ENDS DAY POSITIVE   

The U.S. stock market rebounded from yesterday’s losses and is again positive for the year. The Gold price declined for the sixth day in a row, but did climb well above morning lows. The rally in Gold and Silver prices began in the early afternoon as the value of the euro made sharp gains relative to the dollar. Silver made even a stronger move as the euro prices went up, and it closed positive for the day.

The big driver of the upbeat stock market was that the number of people contracting to buy existing homes went up more than forecast for November. The 7.3% increase was much higher than the 1.5% expectation. Mortgage rates are at all-time lows, while housing prices continue to fall. This provides strong stimulation for increased demand. Most economists see an improved housing picture as essential for job growth and a recovering economy.

At 4 p.m., the APMEX precious metals spot prices were:

  • Gold - $1,547.80 – Down $17.30.
  • Silver - $27.81 – Up $0.51.
  • Platinum - $1,375.70 – Down $14.70.
  • Palladium - $633.60 – Down $14.50.

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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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