Mid-Day Gold & Silver Market Report – 12/22/2011
GOLD, SILVER PRICES MODERATELY LOWER
In a day of little breaking news, precious metals prices have drifted lower in morning trading, while the U.S. stock market has been positive. Banks and the energy markets are leading gainers. The holiday season is traditionally a time of low-volume trading and slower news cycles. We would expect the same this season.
Adrian Day is chairman and chief executive of Adrian Day Asset Management. In an interview today with Geoff Candy, he presented his outlook for Gold in 2012. In short, he maintained his bullish view, but that does not preclude price corrections during the march upward. He said there has been too much short-term attention on Gold, when it should primarily be looked upon as a long-term asset. Day pointed out that Gold prices are not primarily set by U.S. markets. Gold is a global asset, and the two largest purchasers of gold are China and India. As those countries are seeing inflation, the attractiveness of Gold has only gone up, and they are buying.
At noon (CST), the APMEX precious metals spot prices were:
- Gold - $1,608.20 – Down $5.40.
- Silver - $29.14 – Down $0.14.
- Platinum - $1,427.30 – Down $5.40.
- Palladium - $656.80 – Up $21.70.