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Morning Gold & Silver Market Report – 10/26/2011

SAFE-HAVEN STATUS ‘RE-EMERGING’ AS EURO UNCERTAINTY REMAINS

In overnight trading, gold, silver, and platinum all rose slightly while stock futures gained sharply ahead of a summit of EU leaders taking place today.  Investors seem to be expecting, or at least hoping, that a comprehensive plan will come out of the summit which will deal with the euro zone debt crisis.  German Chancellor Angela Merkel is expected to lead the charge at the summit, as she hopes to beef-up the European Financial Stability Facility to over 1 trillion euros, and come up with a plan to recapitalize European banks.  Also on tap is finally getting Greece’s debt burden under control.

The latest report to come out of Greece is that private bondholders are now expected to share 50% of the burden from Greece’s debt.  It’s uncertain how the other half of the burden will be handled, but this is a significant increase from what was originally agreed upon months ago.  However, indications are that it will remain a voluntary ‘haircut,’ though some aren’t buying in to that just yet.

Gold seems to have firmly recaptured the $1,700 level, as it becomes clear that some investors aren’t sold on the EU summit finally solving the euro zone debt puzzle.  Analysts in London said in a report, “The size of the debt issues [is] unlikely to go away regardless of what policymakers decide.  Given this uncertainty, we are not at all surprised gold is attracting fresh safe-haven buying.”  Natalie Robertson of Australia & New Zealand Banking Group Ltd. added, “Safe-haven status is re-emerging.  Sentiment is still very, very fragile at the moment and today will continue to be uncertain.  Everyone’s waiting on the developments out of Europe.”

At 8:00 am (CT) the APMEX precious metals spot prices were:

  • Gold - $1,715.20 – Up $12.80.
  • Silver - $33.46 – Up $0.37.
  • Platinum - $1,582.40 – Up $13.60.
  • Palladium - $651.70 – Down $2.40.

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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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