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Closing Gold & Silver Market Report – 11/30/2011

GOLD REACHES TWO-WEEK HIGH; S&P SEES SHIFT IN ASIA’S FAVOR     

Prices for Gold, Silver, Platinum, and Palladium all ended up for the day, with Gold reaching a two-week high and gaining for a third straight session. Gold’s boost comes from investors encouraged by plans from central banks around the world to cut costs on borrowing to improve financial liquidity.

According to Standard & Poor’s (S&P), the credit downgrade of six major financial institutions here in the U.S. and the contrasting upgrades of banks in China reflect a shift in the global banking landscape in Asia’s favor. Ritesh Maheshwari, S&P’s lead analytical manager of financial services ratings across the Asia-Pacific region, said, “Money is flowing into emerging markets, so the health of their financial systems is continuously improving, whereas in the West, banks are battling with so many issues.” S&P’s view is that banks in North America and Europe find themselves in greater danger of turmoil in the financial market, while Asia-Pacific banks have experienced relative stability.

With eurozone finance ministers still meeting to discuss possible solutions to Europe’s debt crisis, Economic and Monetary Affairs Commissioner Olli Rehn is warning that “we are now entering the critical period of 10 days to complete and conclude the crisis response of the European Union.” Although ministers did reach an agreement Wednesday to use the European Financial Stability Facility (EFSF) bailout fund in a more aggressive manner, markets have not responded optimistically. Meanwhile, bond yields in Spain and Italy began to raise again toward levels considered unsustainable today, and stocks and the euro lost ground in the wake of S&P’s credit downgrade of several major banks.

At 4:15 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,751.00 - Up $34.10.
  • Silver - $32.86 - Up $0.92.
  • Platinum - $1,564.10 - Up $22.40.
  • Palladium - $613.00 - Up $28.80.

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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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