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Mid-Day Gold & Silver Market Report - 12/5/2011


Gold prices are down a bit since this morning. Gold most recently has traded by reacting inversely to the strength of the dollar, with the European crisis being in the headlines the past few weeks. CommerzBank stated, “Speculative financial investors are still showing reticence. … Gold prices this week will still be shaped by the sovereign debt crisis in Europe.” Platinum, though down for the day, has a brighter outlook with the news of a reported future purchase from carmakers in 2012. An estimated $7 billion will be used to buy platinum, known as a component used in catalytic converters. Morgan Stanley has projected the supply of platinum will exceed demand by 81,000 ounces next year.

Today, France and Germany came to an agreement on a treaty that will be presented in a written letter to European Council President Herman Van Rompuy on Wednesday. The treaty would assist with strengthening the eurozone financial policy to reinstate confidence in the shared currency. French President Nicolas Sarkozy said, “We want to make sure that the imbalances which led to the situation in the eurozone today cannot happen again.”  German Chancellor Angela Merkel focused on the structural changes that go further than verbal agreements, saying, “We need binding debt brakes, which can be verified by the European Court of Justice … in order for the Stability and Growth Pact to hold.” The Stability and Growth Pact sets the budgetary regulations for each member state to follow.

The Institute for Supply Management (ISM) reported this morning the U.S. service sector performed at a slower pace than expected in November. With previous economic data showing positive numbers, this report was a disappointment to many. Cary Leahey a managing director at Decision Economic in New York, said, “The economy has improved (but) it is still not growing very quickly.”  If the European financial crisis continues to spread, it could disrupt economic recovery in the U.S.

At noon (CST), the APMEX precious metals spot prices were:

  • Gold - $1,734.50 – Down $14.80.
  • Silver - $32.49 – Down $0.19.
  • Platinum - $1,535.50 – Down $14.00.
  • Palladium - $647.00 – Up $1.10.

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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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