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Mid-Day Gold & Silver Market Report – 11/2/2011

EU MEMBERS WANT GREEK ANSWERS; FED CAUTIOUS BUT STEADY

Since the Morning Gold & Silver Market Report, precious metals prices have been on a steady rise, due in large part to the expanding safe-haven appeal of gold in volatile markets. The European debt crisis continues, and the Fed likes what it sees in U.S. economic news. Debt concerns have drawn “investors towards the safe-haven assets such as gold, while the industrial metals remain overhung by slowing macroeconomic activity,” wrote James Moore, analyst at TheBullionDesk.com.

The main issue presented by the Greek referendum vote hovers around whether Greece will remain in the euro zone. No country has left the euro zone under these conditions in the euro’s history as a currency. The crux of the issue surrounds the perceived harshness of the austerity measures being asked by the EU to be implemented and whether Greece should even remain in the euro zone. German Chancellor Angela Merkel struck a tone of exasperation and impatience in a news conference in Turkey as she said, "We agreed (on) a plan for Greece last week. We want to put this plan into practice, but for this we need clarity, and the meeting tonight should help with precisely this.” That sentiment was in line with French President Nicolas Sarkozy’s statement that Greece’s decision for a referendum vote "took the whole of Europe by surprise.”

The recently wrapped Fed meeting today compounds the promising jobs report released earlier today that showed an increase of 110,000 jobs in October. This beat economists’ projections of 101,000 jobs. September’s results were also revised to show an even larger increase in jobs. It still is a bit more sluggish than a number of economists would hope for, but it is enough growth to have appeased the Fed in its conference today. The Fed decided to take a wait-and-see approach, which a number of analysts had predicted earlier in the day. In a statement released by the Fed, prior to Chairman Ben Bernanke’s news conference this afternoon, "Economic growth strengthened somewhat in the third quarter. … Nonetheless, recent indicators point to continuing weakness in overall labor market conditions, and the unemployment rate remains elevated. … There are significant downside risks to the economic outlook, including strains in global financial markets.”

At 12:00 p.m. (CT), the APMEX precious metals spot prices were:

  • Gold - $1,735.00 – Up $21.20.
  • Silver - $34.12 – Up $1.12.
  • Platinum - $1,603.00 – Up $21.00.
  • Palladium - $650.10 – Up $13.20.

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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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