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Morning Gold & Silver Market Report – 12/28/2011

GOLD IS THE ONLY SAFE HAVEN, CHINESE BANKING OFFICIAL SAYS

Precious metals are trading slightly lower this morning, while U.S. stock futures and European markets are slightly higher. Short-term borrowing costs for Italian debt fell sharply from the high levels seen last month. This dose of good news is likely not a sign of things to come, said Nicholas Spiro of Spiro Sovereign Strategy. He said, “Given the scale of its funding requirements, there are still big concerns about Italy’s ability to get through 2012. Next quarter is going to be all about Italy.”

In a newspaper published by the People’s Bank of China, research department chief Zhang Jianhua wrote that China should further diversify foreign reserves by increasing its Gold purchases. He said Gold has become the only safe haven for risk-adverse investors. In his article, Zhang wrote that he expected the world’s major central banks to continue pumping money into sagging economies, and this will only be favorable for Gold. He also mentioned the Bank of England restarting its quantitative easing program, which adds more inflationary pressure.

The monitors from the Arab League who are tasked with observing the situation in Syria said in their initial report that they saw “nothing frightening” in Homs, the city of 1 million people that has been the epicenter of protests in the country. Some estimates indicate that one-third of the 5,000 people killed in the Syrian crisis were killed in Homs, and many independent video reports show parts of that city that resemble a war zone. The Arab League was worried that the monitors would not be allowed to search where they wanted to search during their observation, and this initial report has only supported those fears. Geopolitical tension is one of the major factors of market movement, with unease typically supporting Gold prices.

At 8:02 a.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,593.60 – Down $2.90.
  • Silver - $28.63 – Down $0.16.
  • Platinum - $1,413.00 – Down $22.90.
  • Palladium - $658.70 – Down $8.90.

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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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