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Mid-Day Gold & Silver Market Report – 12/21/2011

NOT ALL IS QUIET ON THE HOME FRONT   

The National Association of Realtors said existing home sales increased by 4% in November. But those results were muddied after the association revised its calculations for 2010, saying the housing crash was, in fact, about 14% worse than previously thought. The association produced the revisions when it realized the numbers were being affected by various industry calculations such as For Sale By Owner sales and Multiple Listing Service (MLS) errors. The end result of this report doesn’t change the fact that homeowners trying to sell their homes are struggling.  However, it does shine a spotlight on foreclosures and short sales, making the inventory of those types of homes a greater share of the market.

Europe’s initial rush of excitement faded quickly today after it was realized that European banks would not use their massive influx of euros from the European Central Bank to buy regional sovereign debt. Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC, said, “People aren’t very sure where it (the money) is going to be. The ECB’s hope is that the banks will turn around and use that for government debt.” This influx of euros may make the banks stronger, but it won’t necessarily help solve any of the regional debt problems. 

The eurozone news is pulling all major indexes down, including Gold. Equities are selling because markets understand that there is no true understanding about where this money is being spent now. Gold is linked closely with both the dollar and the euro; the dollar gained some ground this morning compared to the basket of six other global currencies it is measured against. A stronger dollar tends to make buying dollar-priced commodities, such as Gold, more expensive to holders of other currencies. Therefore, an upward move in the dollar will reflect in a downward move in the price of Gold.   

At noon (CST), the APMEX precious metals spot prices were:

  • Gold - $1,615.90 – Down $1.70.
  • Silver - $29.37 – Down $0.20.
  • Platinum - $1,432.60 – Down $1.30.
  • Palladium - $634.50 – Up $4.90.

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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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