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Closing Gold & Silver Market Report – 1/3/2012

GOLD REBOUNDS IN NEW YEAR’S TRADING; THREAT OF EURO BREAKUP SEEN   

Gold bounced back today from December’s weak performance, at one point trading over $1,608 before ending the day at its best close since Dec. 23. Today’s jump in the Gold price accompanies a rally in oil prices and a weaker U.S. dollar. Gold historically shows a negative correlation to the value of the dollar. Additionally, safe-haven demand for Gold has risen in response to recent developments in Iran, including the conflict over the Strait of Hormuz and the report that Iran produced its first nuclear fuel rod. Analysts remain optimistic over Gold’s performance in the coming year, with many expecting demand for the precious metal to see a boost in response to any quantitative easing by the Federal Reserve and/or European Central Bank. The Silver price also enjoyed a jump today, experiencing its best one-day percentage gain since the end of November.

According to the results of a survey released today, the greatest threat seen by chief financial officers in the United Kingdom to their businesses in 2012 is the potential breakup of the euro. The survey by accounting firm Deloitte revealed that the U.K.’s CFOs feel there is a 37% chance that one or more member countries could exit the eurozone before year’s end. The CFOs also see a greater than 50% chance that the U.K. will see a double-dip recession this year in response to instability in Europe. According to the survey, the CFOs polled were not impressed by the response to the eurozone’s debt crisis by political leaders in Europe.

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

  • Gold - $1,606.20 - Up $38.40.
  • Silver - $29.73 - Up $1.74.
  • Platinum - $1,432.80 - Up $29.90.
  • Palladium - $667.00 - Up $9.90.

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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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