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Mid-Day Gold & Silver Market Report – 12/28/2011


Since the Morning Gold & Silver Market Report, precious metals prices have been dropping. Gold is traditionally viewed as a safe haven in times of economic uncertainty. But with uncertainty comes a need for investors to sell their Gold positions to cover losses elsewhere. According to VTB Capital analyst Andrey Kryuchenkov, “Gold is still tightly correlated with equities markets, but also risk aversion is not at the levels we saw in early August when Gold de-coupled from everything else and traded with the dollar. … It’s more uncertainty than outright panic selling.”

Debt sold at auction today showed promise for Italy after the announcement of its austerity package and the recent lending done by the European Central Bank (ECB). Spain also benefited as its six-month debt costs halved to 2.4%. The true test will come tomorrow as Italy plans to offer longer-term bonds at auction. The longer-term debt is seen as more key to the overall economic outlook of Italy’s debt crisis. The ECB has flooded the eurozone banks with almost 500 billion euros in the hope it would be used toward sovereign debt. Initially the measure looks to be successful, but “this doesn’t mean we can rule out further problematic auctions. Markets are easily unnerved,” an unidentified Italian bill trader said.

However, that flooding of euros is not viewed the same in all circles. The U.S. markets have been affected by fears that the European banks will look to store the ECB-loaned capital to boost liquidity more than to buy up debt. Wells Fargo’s Brian Jacobsen said, “If the eurozone banks are too afraid to lend, that does not bode well for future growth in the region. … The banks are not borrowing from the ECB in order to spur lending. It’s to shore up their balance sheets. That could lead to a credit contraction in the eurozone.”

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

  • Gold - $1,565.00 – Down $31.50.
  • Silver - $27.42 – Down $1.39.
  • Platinum - $1,391.90 – Down $44.00.
  • Palladium - $650.50 – Down $17.10.

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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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