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Closing Gold & Silver Market Report – 11/9/2011

U.S. STOCKS DROP AS ITALIAN BOND YIELDS REACH ‘UNSUSTAINABLE’ LEVELS

Precious metals prices have continued to drop since the Midday Gold & Silver Market Report. Gold futures saw a loss today, the first in three sessions, driven down by anxiety over Italy’s debt outlook. Silver, platinum, and palladium also ended the day with losses.

Stocks in the U.S. dropped today, weighed down by concerns over Italian bond yields and the deepening debt crisis in Europe. The Dow plummeted nearly 400 points, all 10 of the sectors in the S&P 500 fell, and the NASDAQ dropped nearly 106 points. Chaos has plagued U.S. markets as European debt markets have grown more volatile. Explaining the situation, Craig Hodges of Hodges Capital Management said, “The market has turned into a derivative of what's happening in Europe.”

With Italian government bond yields reaching levels considered to be unsustainable, the euro zone apparently has no intention of coming to Italy’s rescue. Despite the fact that Italian borrowing costs are nearing a breaking point, a euro zone official said “financial assistance is not in the cards” and indicated that there have been no thoughts of offering that country “a precautionary credit line.” Yields of 10-year Italian bonds lurched above 7% today as investors grow more doubtful about getting their money back on such bonds. Although Portugal and Italy have been able to get emergency loans from the European Union and the International Monetary Fund when borrowing costs for those countries reached similar levels in the past, the size of a potential bailout for Italy -- 326 billion euros -- is considered to be too large to be covered by the European Financial Stability Facility, the euro zone’s bailout fund.

At 4:08 p.m. (CST), the APMEX precious metals spot prices were:

· Gold - $1,771.90 - Down $29.30.

· Silver - $34.13 - Down $1.06.

· Platinum - $1,632.50 - Down $40.60.

· Palladium - $648.00 - Down $31.30.

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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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