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Market Reports

Closing Gold & Silver Market Report – 11/7/2011


Prices of precious metals have continued to rise since the Midday Gold & Silver Market Report, spurred on by anxiety over the debt crisis in the euro zone and by reports that a call to use German gold reserves to “shore up” the euro zone’s rescue fund had been rejected by Germany. Gold was trading at more than 2% higher than Friday’s close. Brien Lundin, the Gold Newsletter’s editor, said, “The reports that German gold reserves will be untouchable in any rescue plan certainly gave gold a big boost today.  I don’t believe this was a widely considered risk factor for gold, but the vote of confidence added more momentum to the metal’s recent positive trend.” Silver, platinum, and palladium also ended the day with gains.

Focus turned from Greece to Italy today as that country found itself regarded as the primary threat to euro zone stability.  Political uncertainty in Italy caused government bond yields to soar near levels considered unsustainable. In response, European governments took action to prevent debt contagion and to soothe nervous markets. Greek leaders (including outgoing Prime Minister George Papandreou) hurried to put an interim government in place to implement a new bailout program to save Greece from an imminent default. In addition to France’s pre-emptive austerity measures, finance ministers for the euro zone agreed to ramp up a rescue fund to shield those countries perceived as vulnerable (such as Spain and Italy) from any default by Greece.

With Wall Street keeping eyes on Europe, U.S. stocks saw a moderate increase. The NASDAQ Composite rose 3.11 points, the Dow rose 46.66 points, and the S&P 500 rose 4.1 points. Regarding the turmoil in Europe, Paul Nolte, managing director at Dearborn Partners, said, “From confidence votes in Greece to threats of being kicked from the Union, European drama remains as captivating as any of the ‘reality’ shows on television.”

At 4:01 p.m. (CST), the APMEX precious metals spot prices were:

· Gold -- $1,798.30 - Up $40.20.

· Silver -- $35.02 - Up $0.90.

· Platinum -- $1,661.00 - Up $31.70.

· Palladium -- $664.00 - Up $6.70.

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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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