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Morning Gold & Silver Market Report – 12/5/2011


The Gold price is dipping this morning as U.S. stock futures rise amid optimism regarding a resolution to the eurozone debt crisis. The focus mainly has remained on Europe recently, and this week looks to be no different, with a European Union summit on tap Friday. Rockwell Global Capital’s Peter Cardillo said, “The (stock) rally continues, but it’s all about Europe and any disappointing news out of Europe later in the week could mean an about-face for this market.”

French President Nicolas Sarkozy and German Chancellor Angela Merkel are under fire to agree on a “master plan” regarding the budget for the eurozone. The leaders of the top two economies of the EU will be meeting all week ahead of Friday’s summit.  Patrice Perois of Kepler Capital Markets said, “There are still significant differences between Sarkozy and Merkel, so we’re in for a volatile week, and the risk is that any kind of disappointment could trigger a pullback.”

In a note from Commerzbank, analysts wrote, “The Gold market this week will be shaped by the many political meetings due to take place, which are likely to focus on the sovereign debt crisis. Friday’s European Union summit is the most important meeting over the next few days, though we can expect a long wait before a permanent solution to the crisis is found.” Regarding news of the European Central Bank being expected to cut interest rates, the analysts added, “This should lend support to the Gold price, since the opportunity costs of holding Gold will remain low.”

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

  • Gold - $1,736.20 – Down $12.90.
  • Silver - $32.72 – Up $0.04.
  • Platinum - $1,542.00 – Down $7.50.
  • Palladium - $646.50 – Up $0.70.

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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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