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Closing Gold & Silver Market Report – 12/6/2011

NEW EU “BAZOOKA” IN THE WORKS?    

The Gold price stabilized throughout afternoon trading, approaching even trading for the day after volatility in the currencies market and technical selling. World markets seem to be taking a breath before the upcoming European Union financial meeting set to begin Friday. The prognosis for Gold looks appealing in this financial crisis. Analyst Michael Block, of Phoenix Partners Group, said, “It is going to be a go-to asset once everyone digests that if Europe is to be saved, the ECB (European Central Bank) will have to directly or indirectly print money, and the inflation trade will be all on once again. … I would be buying Gold opportunistically.”

U.S. Treasury Secretary Timothy Geithner spoke with German Finance Minister Wolfgang Schaeuble and supports the German-French initiatives that urge closer European financial cooperation. He also urged policymakers to look to central banks to help provide protection from the growing debt crisis. This is a departure from U.S. policy over the past few months, in which the U.S. pushed for more action from European leadership. In an interview, Geithner said, “Financial crises are ultimately resolved when governments and central banks succeed in creating conditions that make it compelling for investors to take the risk involved in lending to governments and to banks.”

During this week’s meetings, a separate rescue fund from the European Financial Stability Facility was reported to be in the works. This is just an idea that will be presented in conjunction with rewritten treaties and other financial proposals. Apart from the EFSF, this proposal would be called the European Stability Mechanism, with primary hopes of boosting creditworthiness, which has come into question in the past few days. This is a controversial measure and likely will be the subject of much debate.

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

  • Gold - $1,730.50 – Down $2.00.
  • Silver - $32.82 – Up $0.46.
  • Platinum - $1,527.20 – Down $6.30.
  • Palladium - $671.50 – Up $25.00.

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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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