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Market Reports

Morning Gold & Silver Market Report – 11/27/2012

DEBT DEAL REACHED FOR GREECE

Gold and Silver prices are basically flat this morning amid news that the eurozone and the International Monetary Fund have reached a debt deal for Greece. The country’s debt level will be lowered to a more sustainable level, and ultimately, this deal will lead to the next $44 billion tranche of aid being released to the country. German Chancellor Angela Merkel, who many consider the political figurehead of the eurozone as Germany boasts the largest economy in the region, is coming under fire for doing the “bare minimum” to keep Greece solvent.

Gold prices gave up gains that were originally attributed to the debt deal in Greece when Federal Reserve Bank of Dallas President Richard Fisher stated concerns with regards to the latest round of quantitative easing in the U.S. Fisher’s comments boosted the dollar, and the Gold price reacted negatively. Saxo Bank analyst Ole Hansen said, “Gold is trying to consolidate now after making the push higher on Friday. … We are creating the foundation for a push higher to levels seen earlier this year.”

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

  • Gold, $1,750.30, Down $1.30.
  • Silver, $34.20, Down $0.01.
  • Platinum, $1,621.60, Up $9.60.
  • Palladium, $671.40, Up $9.20.

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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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