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Market Reports

Closing Gold & Silver Market Report – 1/4/2012

GOLD PRICE KEEPS CLIMBING; SILVER TAKES STEP BACK

The Gold price continued to climb after reaching the $1,600 level, while Gold futures achieved a two-week high. Gold for February delivery rose $12.20 to $1612.70, which is the highest settlement price since Dec. 21. “That is an indication that Gold vied to regain its status as a safe-haven investment,” said Adam Klopfenstein, an analyst with Archer Financial in Chicago. He said there are plenty of reasons to remain concerned about the global economy, with the eurozone “at the whims of bond holders” and only a negative piece of data away from more problems.

Bill Gross, co-chief investment officer of the world’s largest bond fund, used an unusual description when he labeled the current market environment as “paranormal.” We are left with zero-bound yields and creditors that trust no one and very few countries. The financial markets are slowly imploding -- delivering -- because there’s too much paper and too little trust,” Gross said. In his recent newsletter, Gross cautioned investors they should lower expectations to 2% to 5%.

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

  • Gold - $1,614.40 – Up $12.90.
  • Silver -$29.21 – Down $0.45.
  • Platinum - $1,420.70 – Down $9.80.
  • Palladium - $653.60 – Down $10.80.

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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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