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Closing Gold & Silver Market Report – 12/14/2011


The Gold price fell through the $1,600 barrier for the first time in three months. This was a decline of nearly 5%. Silver prices managed to fall through the $30 level and dropped 7% on the day. There was no breaking news, just the escalating concern about the European debt crisis. The euro fell to its lowest level in 11 months versus the U.S. dollar. As the dollar has gone up, precious metals prices have been going down. Stocks have been taking a beating, as well, for the same reasons. It was expected that the European Central Bank would buy sovereign bonds to help the situation. But for now, it has not. It was expected that the Federal Reserve would hint at a third round of quantitative easing, but for now, it has not.

In an interesting video on the CNBC Web site, Rick Santelli points out just how bad the U.S. balance sheet looks by breaking it down in the simple terms of a U.S. family. He took the trillion-dollar figures of the U.S. government’s balance sheet and took out seven zeros to provide the following breakdown as if from a typical family:

Family income = $23,100.

Family expenses = $36,140.

Total family debt = $151,140 (6.5 times more than yearly income).

Current budget cuts = $385 (How will the family ever pay off $151,140 when it’s losing ground?).

As Santelli pointed out, most people would label this family as bankrupt. This exercise makes one wonder why the U.S. dollar is so popular at the moment.

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

  • Gold - $1,577.00 – Down $85.10.
  • Silver - $28.94 – Down $2.33.
  • Platinum - $1,423.00 – Down $70.30.
  • Palladium - $620.50 – Down $44.60.

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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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