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Morning Gold & Silver Market Report – 11/21/2012

GREECE DENIED AID ONCE AGAIN; GOLD DEMAND STRONG

Gold and Silver are trading higher this morning, as many traders may “want to be risk-off ahead of the long weekend – certainly there will be no expectation of fresh news about averting the fiscal cliff, but Europe will remain a concern and there’s the developing situation in the Middle East that has the potential to give cause for concern,” Fawad Razaqzada of GFT Markets said. Regarding the situation in Greece, Razaqzada added, “Once again, the can that is the Greek debt crisis was resolutely kicked a little further down the road by the Eurogroup yesterday, ensuring once again that markets were left in just as uncertain a mood.”

Nick Trevethan of ANZ in Singapore said, “Gold seems well-supported towards the $1,700 level, and the longer term story hasn’t changed much,” which includes strong demand from China and central banks around the world. All eyes appear to be firmly on the fiscal cliff, as Federal Reserve Chairman Ben Bernanke said yesterday that even the Fed does not have the tools to offset the potential damage that would be caused by Congress failing to reach an agreement on the matter.

At 9 a.m. (EST), the APMEX Precious Metals spot prices were:

  • Gold, $1,728.60, Up $3.00.
  • Silver, $33.14, Up $0.15.
  • Platinum, $1,575.60, Up $1.60.
  • Palladium, $645.50, Up $6.00.

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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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