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Morning Gold & Silver Market Report – 11/14/2011

Europe Could Be Facing Toughest Hour Since World War II

The U.S. stock futures are looking to open weaker on continued concerns in Europe. Precious metals prices have drifted lower as well. Last week, gold prices briefly went over $1,800 per oz before backing down.

German Chancellor Angela Merkel came out today and said that Europe could be facing its toughest hour since WWII. Greece and Italy both have new leaders, but this in itself solves no problems. Both new leaders have to rush to form new governments and then form coalitions to stave off the damage of escalating debt problems. “Europe is in one of its toughest, perhaps the toughest, hour since World War II,” Merkel told her conservative party in Leipzig. “If the euro fails, then Europe fails, and we want to prevent, and we will prevent, this. This is what we are working for, because it is such a huge historical project,” Merkel said. Investors continue to look for decisive action coming out of Italy, Greece or even other euro zone leaders.

On CNBC this morning, Warren Buffet stated that although he looks at European sovereign debt every day, he is not buying nor is he buying euro zone banks. Buffet stated that it is still far from certain whether Europe has the will or the ability to solve its crisis. Italy did manage to sell its full amount of five-year bonds today, but it was forced to offer a yield that was a euro lifetime high. The five-year bonds offered a gross yield of 6.2%, while in October at a similar auction they went for 5.3%.

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

  • Gold price - $1,784.70 – Down $5.40.
  • Silver price - $34.54 – Down $0.18.
  • Platinum price - $1,649.70 – Up $3.00.
  • Palladium price - $662.00 – Down $2.80.

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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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