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Mid-Day Gold & Silver Market Report – 12/29/2011

LONG-TERM OUTLOOK SUPPORTS GOLD AS BUYING OPPORTUNITY   

The price of Gold has been heavily affected by the eurozone crisis this week. Sterling Smith at Country Hedging Inc. commented on the influence Europe has had on Gold, saying, “The developments in Italy have perked up the dollar, and that is pushing Gold down.” Concentrating on Gold’s importance as an investment, LGT Capital Management’s Bayram Dincer said, “The fundamental investment case for Gold is still intact.”

Optimism for Italy’s economy was high this morning as 7 billion euros’ worth of debt was auctioned, just short of the initial target of 8.5 billion euros’ worth of debt. “Italy was not able to raise the maximum amount they wanted to, but the fact that they managed to sell this much at the end of the year should be taken as a positive sign,” said Eric Wand at Lloyds TSB Bank PLC. Italy is currently in its fourth recession since 2001.

Although there has been a recent correction in the Gold price, the viewpoint is still positive for the asset. James Moore at TheBullionDesk.com said, “Precious metals have been hit, as traders and investors continue to lock in profits and bolster cash positions in the run-up to year end. But, it is worth remembering that despite the recent correction, Gold is still on course to post its 11th consecutive year-on-year gain. And that, given the ongoing debt problems facing many economies, record-low interest rates and the highs in Gold this year, those with a longer-term outlook could view current levels as a buying opportunity.”

At noon, the APMEX precious metals spot prices were:

  • Gold - $1,537.00 – Down $28.20.
  • Silver - $27.10 – Down $0.21.
  • Platinum - $1,364.40 – Down $26.00.
  • Palladium - $624.30 – Down $23.90.

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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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