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Mid-Day Gold & Silver Market Report – 11/15/2011

FED CONSIDERS DOWNSIZING BANKS ‘TOO BIG TO FAIL’

Precious metals prices have gained since early morning trading. News from the International Monetary Fund indicated that China’s growth will start to gradually slow. IMG Deputy Director Min Zhu said, “All the data says that China is moving to a soft landing.”

John Paulson, the hedge fund manager known for being consistently bullish on gold, has sold some shares of his gold exchange traded funds (ETFs) but said he still remains bullish on the metal. He admits to relying on gold as a way to hedge against his currency exposure. Paulson’s dollar investments have taken a hit during this uncertainty, and the gold investments have done well to protect and help cushion the blow to his portfolio.

Worries have arisen of a Lehman Brothers repeat, and federal regulators are considering “radical surgery” to downsize banks that are considered “too big to fail” in hopes they could be better managed and regulated across borders. Richard Fisher, president of the Dallas Federal Reserve Bank, said today in a speech that these banks are “too dangerous to permit” and that he thinks it prudent and beneficial to break up these banks into smaller, more manageable sizes.

At noon (CST), the APMEX precious metals spot prices were:

  • Gold - $1,785.10 – Up $4.70.
  • Silver - $34.63 – Up $0.57.
  • Platinum - $1,642.60 – Down $1.50.
  • Palladium - $671.10 – Up $4.80.

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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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