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Morning Gold & Silver Market Report – 12/2/2011


This morning’s jobs report shows 120,000 jobs were created in November. Although this falls just short of the anticipated number of 122,000, the jobless rate fell to 8.6%. Although part of this drop is attributed to those who have given up looking for jobs, it is the first time in several years the unemployment rate has been below 9%.

Markets rallied overnight on the expectation of a positive jobs report and new rumors that European leaders may be close to coming up with a credible plan to fight their debt crisis. German Chancellor Angela Merkel was quick to point out that this is a marathon crisis that will take years to fix. “The government has made it clear that the European debt crisis cannot be solved in one fell swoop overnight,” Merkel told parliament. “There is no miracle solution. Resolving the sovereign debt crisis is a process, and this process will take years.” European leaders meet in Brussels, Belgium, next week in what is considered to be a make-it-or-break-it event.

On this day 10 years ago, Enron filed for bankruptcy. Joe Berardino, former chief executive of Arthur Andersen (the accounting firm that eventually dissolved as a result of its work with Enron), sees a great deal of similarities between the current European debt crisis and Enron. Leveraging is where he sees the common ground. “What leverage does is it puts all your trades on octane, and it's great until it's not great. And I think the real lasting issue there is also the need for liquidity, which we lived through three years ago and we're living through now,” Berardino said. He added, “I think what complicates the matter is that we’ve gone more toward a service economy and years ago went off the gold standard. … (Now) you’re finding you’re trading pieces of paper, and when you’re trading pieces of paper, the underlying issue is trust in your counterparty and trust in the system and transparency in the system. And so these two issues, I think, get undermined.”

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

  • Gold price - $1,754.10 – Up $16.30.
  • Silver price - $33.21 – Up $0.46.
  • Platinum price - $1,563.20 – Up $5.00.
  • Palladium price - $654.50 – Up $24.30.

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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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