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Morning Gold & Silver Market Report – 11/2/2011


In overnight trading, precious metals prices have rebounded on a multitude of developing stories that have strong macroeconomic implications. Gold holdings have risen on the news. According to Dan Smith, head of metals research with Standard Chartered, "There is more of a risk aversion-type dynamic developing because of all the complications around Europe and with the Greek referendum on the cards. … All these things will bring some doubts about the political and macro outlook. … It's also a good time of the year for physical demand for gold as … we head into the end of the year.”

The overall feeling in Europe continues to be shock and awe over Greek Prime Minister George Papandreou’s decision to call a referendum vote. A meeting with other EU leaders, including French President Nicolas Sarkozy and German Chancellor Angela Merkel, is set for later today. According to Erik Nielsen, global chief economist at UniCredit Bank, “Given the state of markets and world affairs in general, it is clear that the leaders will work hard at sending a positive message of cooperation and solidarity. … But, frankly, it is difficult to be too optimistic.”

In the U.S., the main focus will be what is said at the conclusion of the Federal Reserve meetings this afternoon. The general presumption is that a QE-like program will be initiated, most likely in mortgage-backed securities. However, most domestic economic news has pointed to a healthier economic outlook. After Fed Chairman Bernanke’s previous statements of a faltering economy, most economists want to know if he still feels the same way.

The eighth largest bankruptcy filing in U.S. history, MF Global, continues to send shock waves through the stock markets. The collapse had a direct correlation to its exposure to European debt, with a projected shortfall of clients’ moneys of about $700 million. The books have not yet come under federal review, and there are differing opinions as to what will be found.

The U.S. government still has its own debt crisis that is passing just under the radar, but it could quickly come to the forefront as signs are pointing to the congressional “super committee” not coming up with solutions to reduce the deficit.

At 8:03 a.m. (CT), the APMEX precious metals spot prices were:

  • Gold - $1,731.60 – Up $17.80.
  • Silver - $33.89 – Up $1.12.
  • Platinum - $1,607.00 – Up $25.00.
  • Palladium - $648.00 – Up $10.90.

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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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