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Closing Gold & Silver Market Report – 11/28/2011


Precious metals prices have held steady this afternoon as the dollar grew weaker on the hope that the euro would be saved by a stronger fiscal union needed to avoid a debt crisis. Sharing his opinion of the recent moves in gold, Oliver Purshce, co-portfolio manager of the GMG Defensive Beta Fund, said, “Great retail U.S. news; you’ve got some positive momentum out of Europe; to a certain extent there is a little bit of short covering; and the fourth piece is China. … What will drive prices higher are fears of inflation … if you see the ECB print money, the Federal Reserve (ease), China change monetary policy -- that would all be supportive of $2,000 gold prices.”

President Barack Obama made a statement earlier today that the U.S. is ready to step in to help with the European debt crisis, stating that this is of “huge importance.” It would be interesting to see how the U.S., which is plagued with its own debt and inability to create an effective budget, might assist a continent in its attempts to remedy its own crises and budget problems.

At 3:57 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold price - $1,714.80 – Up $28.30.
  • Silver price - $32.16 – Up $1.08.
  • Platinum price - $1,545.10 – Up $11.00.
  • Palladium price –$581.50 – Up $9.30.

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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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