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Morning Gold & Silver Market Report – 11/8/2011

DRAMA CONTINUES IN ITALY, GREECE

In overnight trading, gold and silver prices remained relatively steady. Calyon analyst Robin Bhar said, “Nothing goes up in a straight line, (though) it’s all safe-haven driven; it’s all (Italian Prime Minister Silvio) Berlusconi trading. You can’t let Italy fail, but it’s too big to rescue.” He mentioned that physical buying is still heavy, specifically mentioning India and China. Michael Jansen, commodities analyst with JPMorgan, said, “For the moment, the market is worried there is still further liquidation to come, but we believe that is going to come to an end. There has been a very observable transfer of gold ounces in terms of investment capital from hedge funds, wholesale funds, (and) bullion banks towards the retail community, and that has put a floor in the price.”

Stock futures are gaining on optimism that a regime change in Italy could be coming soon. A budget vote is set for today in Rome, and it’s generally believed that if this vote fails, it would set up a confidence vote for Berlusconi. However, Joshua Raymond of City Index warned, “I think that what is still a volatile tone … means any gains (in the market because of this vote) will be fragile at best.”  Kathleen Brooks of Forex.com added, “Even if he (Berlusconi) goes, the fractious nature of Italian politics will make it tough for a new government to push through the economic and fiscal reforms that the markets want.”

In the wake of George Papandreou being ousted from his position as prime minister of Greece, party leaders are not having an easy time agreeing on a new prime minister. Swedish Finance Minister Anders Borg said, “Europe is running dry on credibility, and a solution to a high debt crisis must be lower debt.  The responsibility for that falls with the country with high debt, and that is obviously Greece and Italy.”

At 8 a.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,793.60 – Up $0.50.
  • Silver - $34.86 – Down $0.01.
  • Platinum - $1,664.20 – Up $6.20.
  • Palladium - $675.40 – Up $11.40.

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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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