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Closing Gold & Silver Market Report – 9/28/2011

GERMANY PREPARES TO KICK THE CAN ONE MORE TIME

Precious metals prices have dropped significantly over the last few hours, mirroring the selloff in the stock market.

Germany’s parliament is set to vote tomorrow to expand the European Financial Stability Facility (or EFSF), the official name of the bailout fund designed to prevent eurozone nations from defaulting on their debt.  “…[O]ut of fear of contagion, the leaders in Brussels and Frankfurt have continuously tried to minimize and sweep it under the rug,” said Jeffrey Frankel, a professor at Harvard University’s Kennedy School of Government.  The EFSF itself has come under scrutiny recently, with doubts about its ability to serve its purpose.  There are many events that could derail the entire operation, as CNBC outlines.  Meanwhile, Greece is roiling with protests over the possibility of even more spending cuts and higher taxes.

Oil prices could be predicting another recession, as crude has fallen more than 15% in the last three months on fears that a recession will temper demand.  “Any resolution in Europe is likely going to result in lower spending," independent oil analyst Andrew Lipow said. "That means lower growth rates and poorer demand for oil."  The U.S. Department of Energy also reported that gasoline demand was down last week by 2.4% from the previous year.

At 3:55 PM (CT) the APMEX precious metals spot prices were:

  • Gold - $1,611.40 – Down $42.10.
  • Silver - $29.90 – Down $1.67.
  • Platinum - $1,531.50 – Down $45.50.
  • Palladium - $622.40 – Down $29.60.

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Disclaimer:
APMEX 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. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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