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Market Reports

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


Gold prices maintained their morning gains, but the same was not true for the stock market. Stocks gained as much as 150 points, but gave back all of the gain by day’s end. It might be that Friday’s jobs report was not as positive as first viewed. The overall unemployment rate fell to 8.6%, but that might be explained by the number of people who have given up looking for jobs and are therefore no longer counted in the numbers. The number of discouraged workers rose by 129,000.

Chinese regulators implemented policy changes over the past year to encourage Chinese citizens to buy more Gold. China is currently behind only India in world Gold consumption. The new regulations obviously are working as Gold purchases in China via Hong Kong for the month of September jumped sixfold! The Chinese mainland imported a record 56.9 tons via Hong Kong in September. In the third quarter, China imported about 140 tons, which was more than the 120 tons imported in all of 2010. U.S. investors often forget that India and China have more to do with Gold prices than what happens here in the U.S.

Next Friday is the day European leaders will meet in Brussels, Belgium, and the world will be watching to see if they can come up with a viable plan to fix the eurozone’s massive debt problems. Stay tuned!

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

  • Gold price -$1,747.10 – Up $9.30.
  • Silver price - $32.68 – Down $0.07.
  • Platinum price - $1,551.20 – Down $7.00.
  • Palladium price - $644.30 – Up $14.10.

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Our spot prices are subject to change during the following hours, excluding holidays. View current spot prices for Gold, Silver, Platinum and Palladium on our Spot Price Charts page.

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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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