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Mid-Day Gold & Silver Market Report – 10/25/2011

EU DEBT CRISIS WORSENS AS ITALY IS WARNED

Precious metals prices have risen since the Morning Gold & Silver Market Report on safe haven appeal as consumer confidence dropped, causing a downturn in stock market pricing. The other big news affecting precious metals is the overall picture in the EU as talks were cancelled and Italy was warned to get its ‘economic house’ in order. "The risks of the whole euro zone debt crisis are still skewed to the upside, and assuming there is some kind of result of some of the problems, markets should move higher and gold should go higher," said Standard Chartered Analyst Dan Smith.

The stock markets have entered earnings season and, while some large companies are not meeting expectations, a number of companies overall are hitting their targets. Some analysts feel that all the economic turmoil equates to a much slower recovery. According to Mark Bronzo, a manager with Security Global Investors in Irvington, New York, “It’s going to be a slow recovery…The economic data show that we’re in a bottoming process. UPS gave some cautious commentary concerning global growth. In addition, we’re still slave to the events in Europe.”

On the eve of what was expected to be substantial talks within the euro zone, meetings were cancelled, but are expected to resume tomorrow. Italy has been placed on warning for its delay in a key economic parliamentary vote. The EU talks were an important component to summit conversation regarding how best to utilize the EFSF. Ten members of the euro zone are not in agreement on its use. Italy needs to back up commitments with “specific actions” and come up with “clear timing,” European Commission spokesman Amadeu Altafaj said in Brussels today after a crisis cabinet meeting in Italy late yesterday failed to announce steps to spur growth.

In light of the moves made in the precious metals market, noted independent investor Dennis Gartman has said he is prepared to buy back the gold he sold off just last week. In a letter to subscribers he said, "In light of the fact that gold is back to the levels that we sold last week, we thought it wise to be on guard and prepared to buy back that which we had sold.”

At 12:00 PM (CT) the APMEX precious metals spot prices were:

  • Gold - $1,701.10 – Up $46.80.
  • Silver - $33.22 – Up $1.54.
  • Platinum - $1,568.00 – Up $26.00.
  • Palladium - $653.00 – Up $12.50.

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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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