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Closing Gold & Silver Market Report – 11/18/2011

SUPER COMMITTEE TALK NEAR COLLAPSE; GOLD ENDS THE DAY UP

Gold prices ended the day with a modest rise, in contrast to losses seen in the previous two sessions, as investors turned to the precious metal at the end of the day. Broker and futures analyst Frank Lesh of FuturePath Trading said support for gold is coming from “safe-haven buying ahead of the weekend.” Prices of silver, platinum, and palladium also ended the day up. Meanwhile, stocks in the U.S. ended the day mixed, although the Dow, the S&P 500, and the NASDAQ all experienced losses for the week, influenced by concerns over the eurozone debt crisis.

Efforts by the congressional Super Committee to come to an agreement on trimming the U.S. budget deficit by at least $1.2 trillion over the next decade are being described as “near collapse” today, as Republican and Democratic members find themselves unable to find common ground on benefit cuts and tax increases. The Super Committee has until midnight Wednesday, Nov. 23, to reach a deal on reducing the deficit. And although committee members are saying they still believe an accord can be reached, aides to those members are expressing doubt in private. U.S. Rep. Xavier Becerra, a California Democrat and committee member, indicated that today looks to be a “make or break” day, adding, “We should know by end of today, and I’ll give myself until 11:59 p.m., as to whether or not there will be a deal.”

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

· Gold - $1,726.40 - Up $4.20.

· Silver - $32.40 - Up $0.86.

· Platinum - $1,597.00 - Up $15.90.

· Palladium - $606.50 - Up $0.80.

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Disclaimer:
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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