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Morning Gold & Silver Market Report – 12/30/2011

GOLD HEADS FOR 11TH ANNUAL GAIN   

U.S. stock futures are inching upward this morning, while Gold and Silver are recovering nicely from the recent dip. All signs are pointing to an uneventful end to an otherwise eventful year. There are no major economic reports being released, and investors seem to be looking past the Chinese purchasing managers index for December. That report fell to 48.7, which indicates a contraction in the manufacturing sector for a nation that typically is seen as a major key to global economic recovery.

Gold is heading toward its 11th annual gain, and the first months of a new year typically see greater demand from India, which leads the world in Gold buying. Economist Dennis Gartman said he is “about to become bullish” on Gold after selling most of his position during the past few months. He said, “We did not expect to see Gold hold as well as it has or did in the past 24 hours.”

As Arab League monitors observe the situation in Syria, 10 people were reportedly shot dead during protests this morning. Activists are hoping to meet with the monitors soon to discuss the government crackdown on the protests. Britain’s minister for the Middle East and North Africa said, “Unfortunately, reports show that the violence has continued in Syria over the past few days. I urge the Syrian government to meet fully its obligations to the Arab League, including immediately ending the repression and withdrawing security forces from cities. The Syrian government must allow the Arab League mission independent and unrestricted access.”

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

  • Gold - $1,567.10 – Up $25.10.
  • Silver - $27.97 – Up $0.58.
  • Platinum - $1,387.00 – Up $22.20.
  • Palladium - $640.50 – Up $15.70.

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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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