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Morning Gold & Silver Market Report – 12/23/2011

EUROZONE TROUBLES AHEAD    

Precious metals prices remained relatively steady in overnight trading. As 2011 winds to a close, a couple of noteworthy areas bear watching, and they involve the European debt crisis. The outlook for Gold remains positive for the beginning of 2012, with some analysts including Jeffrey Wright saying $1,800 to possibly $2,000 per ounce is likely in 2012. Wright said, “There will be further pressure on the U.S. dollar and a refocusing on Gold as a safe-haven asset.”

The issues surrounding Europe continue to hobble efforts for economic recovery. There have been talks of a ‘Quantitative Easing’-like effort within the European Union. The only issue with that type of program, which would involve the European Central Bank (ECB) stepping up and buying debt, is that it still goes against the principle set forth for the ECB. This still is a touchy subject with ECB President Mario Draghi, who said he feels the priority is to instill trust in Europe. In an interview, Draghi said, “We won’t achieve that (trust) by destroying the credibility of the ECB.” Do not look for the International Monetary Fund to step in with any sort of financing plan for European debt, either. Former ECB board member Juergen Stark said, “Practically, I don't see any countries other than eurozone states that want access to the money. It is an attempt to circumvent the ban on direct monetary financing in Europe.”

In domestic economic news, U.S. manufactured goods rose quite a bit in November, based on aircraft demand. However, business spending decreased, which indicates investing might be starting to wane. Even if companies are not investing, they still will invest in capital. Donald Ratajczak, chief consulting economist for Morgan Keegan & Co., said the economy is “still very cautious, people are not expanding. … People are fixing their equipment, but they’re not adding new plants.”

At 8:23 a.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,609.60 – Down $1.00.
  • Silver - $29.40 – Up $0.32.
  • Platinum - $1,432.80 – Up $7.40.
  • Palladium - $659.90 – Up $4.50.

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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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