Mid-Day Gold & Silver Market Report – 12/23/2011

ITALY WANTS GROWTH; GOLD’S OUTLOOK BRIGHT   

Gold prices were slightly down, while Silver, Platinum and Palladium prices remained firm since the morning report, with little news affecting the market. Throughout 2011, investors have shifted several times from Gold to cash holdings with daily, weekly and monthly uncertainty in the market. Julian Phillips at GoldForecaster.com said, “Gold has had to face its own headwinds, not caused by poor fundamentals but by investor meltdown as investors -- from European banks to cash-strapped individuals -- have needed to liquidate Gold to cover shortfalls in other areas.” Seth Rabinowitz at Silicon Associates said, “A complete catastrophic European meltdown is now unexpected, but if we do see that or some other major cataclysmic event with global reach, Gold will pierce the psychologically significant $2,000 threshold in 2012. Barring that, $2,000 will not happen until 2013.”

Italy’s consumer confidence has dropped to its lowest point in 16 years. As the two-year European debt crisis lingers, the threat of a recession grows stronger. Speaking about Europe’s economic woes, Jonathan Loynes from Capital Economics Ltd. said, “All the leading indicators in the eurozone are pointing to recession across the region. Conditions in Italy and the other peripheral economies are difficult because of the austerity program and lack of economic growth, and there’s concern about how things are going to develop for the next year.” Italy’s Prime Minister Mario Monti is focused on growing his economy and returning his nation to a solid position. Monti said, “It’s also essential for our economy to return to growth, the government will now focus on overhauling the labor market and welfare system to spur economic expansion.”

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

  • Gold - $1,607.30 – Down $3.30.
  • Silver - $29.16 – Up $0.09.
  • Platinum - $1,428.10 – Up $2.70.
  • Palladium - $666.30 – Up $10.80.

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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 8:52:57 PM EST

Metal Bid Ask Change
Gold $1,292.90 $1,294.90 $2.30
Silver $19.63 $19.73 ($0.02)
Platinum $1,405.40 $1,415.40 $5.80
Palladium $796.90 $801.90 ($1.40)
4/24/2014 8:52:57 PM EST

Click here for Historical Charts*All Charts are in USD


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