Closing Gold & Silver Market Report – 12/8/2011

ONE STEP FORWARD, TWO STEPS BACK AT EU SUMMIT   

Precious metals prices stabilized through afternoon trading, maintaining the lows reported in the Mid-Day Market Report. The news started good this morning with European Central Bank (ECB) President Mario Draghi’s announcement of a cut in interest rates, but hopes were quickly tempered when the ECB said it would not offer assistance in bond buying.

The ECB’s decision to cut interest rates and to not buy sovereign debt bonds has created a lot of fear in global and economic market. U.S. markets are following European markets quite closely. As soon as the meeting started today, a number of measures, including the European Stability Mechanism mentioned in yesterday’s Closing Market Report, were dismissed by German officials. Germany and France are at the forefront and had much to say today. German officials dismissed a number of plans as soon as the meeting began. French President Nicolas Sarkozy said, “Never has the risk of Europe exploding been so big.” German Chancellor Angela Merkel had her own words to offer as well: “The euro has lost credibility, and this must be won back. We will make clear that we will accept more binding rules.” All the talk and initial negativity had economists concerned. Scotia Capital economist Alan Clarke said, “One step forward, two steps back. … The eurozone leaders might as well not bother. Pack their bags, go home, enjoy the weekend and do their Christmas shopping.”

At 4:13 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,708.10 – Down $34.70.
  • Silver - $31.72 – Down $0.90.
  • Platinum - $1,496.60 – Down $26.40.
  • Palladium - $673.20 – Down $12.30.

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Disclaimer:

APMEX’s ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/24/2014 9:01:23 PM EST

Metal Bid Ask Change
Gold $1,294.10 $1,296.10 $3.50
Silver $19.63 $19.73 ($0.02)
Platinum $1,405.50 $1,415.50 $5.90
Palladium $798.00 $803.00 ($0.30)
4/24/2014 9:01:23 PM EST

Click here for Historical Charts*All Charts are in USD


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