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Mid-Day Gold & Silver Market Report – 10/17/2011


Precious metals prices have started to drop since the Morning Gold & Silver Market Report, due in large part to not-so-flattering remarks out of the euro zone. The majority of precious metals prices is down on the news as confidence is dwindling and fear is coming back into the marketplace. "With renewed concerns that Europe will not have any progress any time soon, you are seeing investors take profits on the stock markets and that spill over to the metal markets," said Phillip Streible, a senior strategist with MF Global. "The market has been eerily quiet for quite a long time and it's due for an explosive move."

German Chancellor Angela Merkel’s pointed comment “dreams that are taking hold again now that with this package everything will be solved and everything will be over on Monday won’t be able to be fulfilled.” A lot of investors had thought a more clearly defined plan of action would be put in place during the conference of European Union (EU) finance leaders, but the words out of the main proponent of any bailout, Germany, are not causing a lot of confidence in the global marketplace. They will be working on a plan, but that plan is not the ‘miracle cure’. The plan includes a number of objectives, including writedown of debt greater than the originally suggested 21% during the July negotiations, and recapitalization of euro zone banks. "Determining how the writedowns will be applied and the source of funds to recapitalize the banks will require arduous negotiations between now and the deadlines the EU has set for itself," said Dan Morris, Global Strategist at J.P. Morgan Asset Management. "We remain optimistic an agreement will be found but returns have been so strong over the last few weeks there is a risk of disappointment if it takes longer to work out the details than investors expect."

During an interview event in New York City, General Electric Co-CEO Jeff Immelt broached a number of subjects including boosting exports and slow European growth. In terms of exports, he said, "We're not trying that hard…We haven't really tried as hard as we can to compete, educate and sell our products around the world, and I think we can do better." He also held Germany in high accord on this topic, "Chancellor (Angela) Merkel flies from Berlin to Beijing, there's 25 German CEOs that go on the plane right behind her. And they connect the dots. They play hard, they play to win.” On the European debt crisis, "The most likely case is that Europe has slow growth for a long period of time…The process is going to have to be solved inside of Europe."

At 12:06 PM (CT) the APMEX precious metal prices were:

  • Gold price - $1,674.20 – Down $10.80.
  • Silver price - $31.79 – Down $0.42.
  • Platinum price - $1,551.00 – Down $3.90
  • Palladium price - $617.50 – Down $5.00

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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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