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Morning Gold & Silver Market Report – 12/8/2011

CENTRAL BANKS’ GOLD PURCHASES MAY RISE BY 300% THIS YEAR    

This week, news about the European Union is driving major market movement. Today is no exception, as we watch the reaction after the European Central Bank cut its key lending rate by a quarter-point, from 1.25% to 1%. What the long-term result will be is uncertain. But the knee-jerk reaction undoubtedly will cause a ripple in the markets. Still, tomorrow’s news might make today’s seem unimportant. “At one moment, the glass on the outcome of the EU summit is half full, a bit later it is half empty,” wrote strategists at KBC Bank.

This week, Gold prices have remained mostly flat, struggling to sustain any upward momentum. This is not uncommon when some investors prefer to hold U.S. dollars. One analyst explains that a positive outcome of this week’s EU summit would be supportive of Gold, simply because the dollar would weaken versus the euro.  Bullion holdings by individuals are on the rise in Europe, where Gold investment jumped 33% in the third quarter from a year ago. Marcus Grubb, managing director for investment research at the World Gold Council, said central banks across the globe are adding to their reserves at a record pace that might reach 450 tons this year. Last year, central banks and government institutions bought 142 tons of Gold.

In the U.S., weekly jobless claims fell by 23,000 to 381,000. This is a better number than the expected drop of 9,000. Stock futures have remained mostly higher after the report, while precious metals prices have started to dip.

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

  • Gold - $1,733.40 – Down $9.40.
  • Silver - $32.51 – Down $0.11.
  • Platinum - $1,517.60 – Down $5.40.
  • Palladium - $674.80 – Down $10.70.

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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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