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Closing Gold & Silver Market Report – 1/11/2012

FED SAYS ECONOMY EXPANDING; GERMANY RAISES ANTE

Precious metals prices have remained relatively steady during afternoon market activity. India’s Gold buying has been on the rise thanks to the rupee gaining ground on the dollar. China also is preparing for the Lunar New Year, which is viewed as a key Gold-buying period. However, Gold’s safe-haven appeal appears to be right around the corner, based on potential negative news out of Europe. Will Rhind, head of U.S. operations for ETF Securities, said, “Some people will sell into strength as Gold moved above the 200-day moving average. … What we’re seeing right now is that emergence of that store of value, that safe-haven trade.”

The Federal Reserve said the U.S. economy is expanding at a modest pace. The main crux of further improvement continues to be a less-than-stellar jobs market, which has prevented incomes from rising. Residential real estate is still viewed as sluggish, but commercial property markets have shown improvement. Consumer confidence was generally “characterized as firmer than in recent reporting periods.” Millan Mulraine, senior U.S. macro strategist at TD Securities in Toronto, said, “With economic growth continuing to be sub-par and the pace of slack absorption in the economy remaining slow, it will do little to shift the current accommodative monetary policy stance and is unlikely to temper the agitation for more stimulus from the doves on the committee.”

In a move that is probably not going to sit well with German constituents already opposed to Germany’s role in the Greek bailout, German Chancellor Angela Merkel announced Germany would be willing to pay more funds to help conclude negotiations over the permanent bailout fund: the European Stability Mechanism (ESM). She said, “We want to conclude negotiations on the ESM quickly, with the new instruments included. And we want, if necessary -- and Germany would be ready to do this if the others do it -- to perhaps pay in more capital at the start of the ESM, because if capital is invested, is sends an important signal to the markets. … In the future, we will need more Europe, not less. That means opening ourselves in the internal market.” The Greek bailout is viewed as the key solution before the European Union can work toward growth and job creation.

At 4:15 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,644.70 – Up $12.20.
  • Silver - $30.00 – Up $0.11.
  • Platinum - $1,496.50 – Up $32.90.
  • Palladium - $645.10 – Up $8.90.

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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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