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Mid-Day Gold & Silver Market Report – 1/12/2012

U.S. MUST JUMP ECONOMIC HURDLES TO GROW  

Gold and Silver prices were stable through the morning. Gold’s price is related to Europe’s financial position and the current value of the U.S. dollar. Analysts with Commerzbank wrote a note to clients that said, “Gold remains very firm in contrast to the weakness-prone equity and commodities markets.”

The U.S economy is facing several obstacles to successful growth. The problems include a high unemployment rate, low demand in the housing market, and the European debt crisis. Two main reasons why the unemployment rate is still an issue is that job-seekers are losing confidence and dropping out of the labor force, and businesses are facing difficulties finding skilled workers. The housing market is still in a slump that started in 2008. The number of foreclosures and a decline in home purchases has fueled the slump. U.S. banks are affected by Europe’s debt crisis in part because money market mutual funds have invested in Europe’s short-term debt securities. Richmond Fed President Jeffrey Lacker said, “The major vulnerability of our financial system has to do with involvement of money market funds. Until we fix the structure there, we’re vulnerable to flights. Our job is to keep inflation low and stable. In general, the growth rate the economy can crank out is determined by technology, people’s preferences, resource endowments, and other policies.”

The European Central Bank met today and, as expected, kept the key lending rate the same. Currency strategists at Commerzbank said in a note, “We assume that at today’s press conference following the rate decision, (ECB President Mario) Draghi will again not raise expectations of further bond purchases. Moreover, other far-reaching measures of monetary easing also seem unlikely today, as many of the measures just decided at the last meeting have not even been implemented yet.”

At noon (CST), the APMEX precious metals spot prices were:

  • Gold - $1,654.90 – Up $14.40.
  • Silver - $30.33 – Up $0.38.
  • Platinum - $1,499.00 – Up $2.30.
  • Palladium - $641.80 – Down $4.90.

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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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