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Morning Gold & Silver Market Report – 12/1/2011


Yesterday’s market rally was a breath of fresh air for both the equity markets and commodities such as gold. However, weak economic data from China and continual changes in the eurozone drama are pointing to a less robust day today. China saw their manufacturing sector contract shrink in the month of November. Yesterday’s announcement that they are making it easier for businesses to get loans, in an attempt to boost the economy, is now more clearly defined.

In our global economy, one of the biggest impacts on both the U.S. and China is what happens in Europe. “Weakening external demand, specifically the rapid deterioration in the euro-area growth outlook and its possible impact on global growth, is the biggest risk facing the Chinese economy,” wrote analysts at Barclays Capital in a note to clients. Spain successfully sold 3.75 billion euros of bonds and France saw a slip in borrowing costs at an auction of 10-year bonds.

Gold saw its prices rise yesterday along with equities. This might seem counter-intuitive, however, inflationary pressure on cash will sometimes drive gold to behave as it did yesterday. Matthew Turner, analyst at Mitsubishi said statements from politicians and central bankers is driving this market. He said, “This was bullish because it was inflationary and I think that is the distinction that gold is suffering under and that is why some of those correlations have broken down. Inflation is positive for base metals and equities and gold, which is when you get this risk-on correlation.”

At 8 a.m. (CST), the APMEX precious metals prices were:

  • Gold - $1,749.30 – Up $1.00.
  • Silver – $33.25 – Up $0.46.
  • Platinum - $1,565.70 – Up $3.90.
  • Palladium - $636.70 – Up $24.10.

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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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