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Closing Gold & Silver Market Report – 12/7/2011


During afternoon trading, Gold has been relatively stable in price. In a note to investors, ANZ analysts wrote, “If European leaders manage to come up with a plan, we will likely see a relief rally in the euro, which will take Gold higher with it.”' Platinum continues to run at a discount to Gold over the past three months, which is the metal’s longest disparity since 1985. Palladium supply concerns have the metal on the rise, reaching an 11-week high today.

Some comments by German officials and new economic figures have taken a lot of the allure or hope of resolution off the upcoming EU summit. An anonymous German official said, “I have to say today, on Wednesday, that I am more pessimistic than last week about reaching an overall deal. … A lot of protagonists still have not understood how serious the situation is. … My pessimism stems from the overall picture that I see at this point, in which institutions and member states will have to move on many points to make possible the new treaty rules that we are aiming for.” U.S. Treasury Secretary Timothy Geithner, following his meeting with the French Finance Minister Francois Baroin, said, “I have a lot of confidence in what the president of France and the minister are doing, working with Germany to build a stronger Europe.”

Israel’s lack of direction involving Iranian military action has many U.S. government officials worried what action Israel could take toward Iran. The U.S. prefers sanctions and diplomatic intervention. U.S. officials have a “sense of opacity” regarding what Israel could do militarily to Iranian nuclear sites. “I don't think the administration knows what Israel is going to do. I’m not sure Israel knows what Israel is going to do. … That's why they want to keep the … bad guys guessing,” said U.S. Sen. Carl Levin, D-Mich., chairman of the Senate Armed Services Committee. Republican John McCain of Arizona corroborated that view, saying, “I'm sure they (administration officials) don't know what the Israelis are going to do. They didn't know when the Israelis hit the reactor in Syria. But the Israelis usually know what we’re going to do.” The unintended consequences of military action against Iran from a known ally could make the U.S. a possible target of military retaliation.

At 4:10 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,744.10 – Up $14.30.
  • Silver - $32.58 – Down $0.15.
  • Platinum - $1,530.40 – Up $5.40.
  • Palladium - $680.50 – Up $9.70.

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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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