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

COULD $2,000-AN-OUNCE GOLD BE WITHIN REACH?

In overnight trading, precious metals prices have been on the rise. The euro’s value is on the rise, and the dollar’s value is down this morning, which is leading to the increase. An interesting perspective surrounds the frozen assets of MF Global’s customers. However, gold’s position is still seen as strong in the marketplace. Standard Bank analyst Walter de Wet said, “Ultimately we're going to move higher early next year, we're going to test $2,000 an ounce. … The European Central Bank will have to create more money to assist the debt burden in Europe, and that will be good for gold.”

China continues to be the reluctant white knight in the European Union (EU) as domestic debt crises. The main point of contention involving Chinese involvement surrounds Chinese demand to have greater say in the global political landscape. Those demands involve having more say in the International Monetary Fund (IMF), market economy status in the World Trade Organization, or a potential lift of an arms embargo dating to the Tiananmen Square demonstrations. According to an unnamed Chinese source, “The United States and the IMF also attach conditions (when they help financially troubled countries). It is not unreasonable for China to do the same. They can always reject (our demands).” In a speech Thursday, China’s President Hu Jintao told American business leaders, “If the United States soon loosens its limitations on technology exports to China, it will not only be good for relieving unbalanced trade, it will also promote the U.S. economy and employment. … Currently, instability and uncertainty of world economic recovery are growing. … Under this type of situation, we especially need the world to cross the river in the same boat and respond hand-in-hand with a spirit of cooperation and mutual benefit.”

The European news surrounds the impending resignation of Italian Prime Minister Silvio Berlusconi now that Italy has passed its austerity legislation. The popular choice to assume leadership among Italian leaders is Mario Monti, a former EU competition commisioner. The Greek people are definitely behind the announcement of Lucas Papademos as new prime minister. The timeline is very short to get the austerity measures passed: only 100 days to fulfill the bailout requirements. Said Maria Apostolou, an employed citizen in Athens, “It won't be easy for Greece to get out of the tunnel, but I hope Papademos will lay the ground for the Greek economy's revival. It's a good start. … I am really happy he's not a politician. … Politicians are responsible for this situation. So, it's better to have technocrats governing us.”

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

  • Gold price - $1,768.70 – Up $7.10.
  • Silver price - $34.00 – Down $0.15.
  • Platinum price - $1,631.60 – Up $4.30.
  • Palladium price - $650.90 – Up $1.10.

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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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