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Closing Gold & Silver Market Report – 12/1/2011


Precious metals prices held strong for the day with the prospect of a growing monetary disaster. With global central banks coming together Wednesday to prevent a more severe financial crisis, investors might be considering an exit from riskier investments. Bank of Montreal strategy adviser Don Coxe said that instead of equities tied to the economy, investors should consider buying Gold-mining stocks or the metal itself. Coxe said Gold will surpass $2,000 an ounce in the event of “a full-blown crash of the banking system in Europe.”

Today, French President Nicolas Sarkozy spoke regarding the growing debt crisis in Europe. In his speech Sarkozy said, “We should overhaul Europe urgently. If Europe doesn’t change quickly enough, global history will be written without Europe.” Sarkozy’s speech was scheduled after European Central Bank President Mario Draghi implied additional financial assistance may be in Europe’s near future. However, Germany continues to balk at the French changes being requested. German Economy Minister Phillip Roesler said in an interview Thursday that Germany is united in rejecting euro bonds to fix the debt crisis. He said, “We are not prepared to buy into changes to the (European Union) treaty in exchange for rules that other European countries want, for example euro bonds.” It seems the German voters have spoken, and they no longer have interest in the role of Europe’s paymaster. Germany and France are supposed to be the top two economies in charge of eurozone policy.

China is reportedly in financial trouble, with China’s central bank recently cutting the reserve requirement ratio for its commercial lenders. That had not happened in almost three years. The purpose of cutting the ratio is to reduce the reserve amounts the banks are required to keep to free up funds to lend to small companies. Analysts predict the amount of currency this action released into the banking system is close to $54.8 billion to $62.7 billion USD. Stephen Green, China economist at Standard Chartered Bank in Hong Kong, said, “This is a big move — this is easing; it's a clear signal that China is on a loosening mode. The next move will be another RRR cut in January.

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

  • Gold - $1,747.10 – Down $1.20.
  • Silver – $32.81 – Up $0.02.
  • Platinum - $1,563.30 – Up $1.50.
  • Palladium - $631.50 – Up $18.90.

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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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