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Morning Gold & Silver Market Report – 12/7/2011

NEXT STOP FOR GEITHNER: FRANCE

Reports of positive economic news were enough to lift Wednesday’s stock futures. Investors are waiting on the results from Thursday’s European Central Bank meeting, in which the result is expected to be a lowering of interest rates. The big card on the table is the proposed new EU treaty that would include tougher budget rules. Treasury Secretary Timothy Geithner is headed to France to continue promoting the American agenda as he meets with French, Italian, and Spanish officials.

As the stock market is somewhat buoyed by the EU news, gold is holding steady, almost with a wait-and-see attitude. "For the moment gold is likely to trade with the rest of the commodity sector and the short-term outlook depends on what we hear from the summit," said Eugen Weinberg, head of commodity research at Commerzbank. Gold saw additional price pressure as the euro fell against the dollar overnight. A stronger dollar makes gold and other commodities more expensive for holders of other currencies, like the euro.

In news that could affect markets in the future, the U.S. senate has “too-big-to-fail” banks back on its radar.  Senator Sherrod Brown is holding a hearing today regarding “new oversight authority to shield Main Street from Wall Street megabank risk.”  Brown continued, “For too long, Wall Street has been permitted to operate in the dark, putting our economy at risk and leaving taxpayers on the hook.”

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

  • Gold - $1,734.90 – Up $5.10.
  • Silver - $32.64 – Down $0.10.
  • Platinum - $1,523.00 – Down $2.00.
  • Palladium - $683.60 – Up $12.70.

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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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