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Mid-Day Gold & Silver Market Report – 10/5/2011


Prices have increased approximately 1% since the Morning Gold & Silver Market Report. The hot-button issue surrounds the never-ending European debt crisis. The potential Greek default has drained international markets and drained a lot of confidence in the markets. UBS, in a note to its investors, said, "Separating itself from negative influences is by no means a straightforward endeavour for gold and volatile price action is clearly going to persist…Yesterday's moves highlight the difficulty of making sense of the gold market in the current shaky environment."

The main issue facing German Chancellor Angela Merkel is trying to now propose higher Greek investor losses. She has already said Germany is prepared to step in and do what it can to help stabilize the region. This comes after months of debate and losses within her own party just attempting to get the German leaders on board with the bailout, knowing the losses are going to be greater than previously anticipated. This is primarily focused on the banks and their capital to cover losses within the region. “There is no secret at all that European authorities and the European Commission are all working together on a plan to bring more official capital, more public-sector capital, into the banking sector,” said Antonio Borges, the IMF’s European department head. He added, “We would recommend that it move to a European approach…More should be done on a cross-border basis.”

The money may come from the European Financial Stability Facility (EFSF). An unidentified economist predicted, “The EFSF cannot be a magic solution because its charter does not allow countries that are contributing to it to actually use it at the same time … The likeliest outcome is that France and Germany, via the EFSF, will shoulder the burden of bolstering banks in the periphery of the euro zone and will in turn recapitalize their own banks outside the EFSF framework."

At 12:01 PM (CT) the APMEX precious metals prices were:

· Gold price - $1,643.10 – Up $25.10.

· Silver price - $30.41 – Up $0.54.

· Platinum price - $1,481.90 – Up $13.30.

· Palladium price - $574.00 – Up $7.90.

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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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