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Morning Gold & Silver Market Report – 12/15/2011


Gold and Silver prices have rebounded slightly along with the euro after falling to a three-month low Wednesday. Sharps Pixley’s Ross Norman said, “With the sharp falls we have seen (Wednesday), there is a bit of short-covering. The strength of the bounce, however, has been rather modest, because the Gold market tends to quiet down quite rapidly from the beginning of December.” This tendency is due to the desire of many investors to close their books at the end of the year and start the new year fresh with money on the sidelines. Norman said, “At the moment, Gold is moving in tandem with the euro, and in the short-term, currencies will continue to be the main driver for Gold. It’s all about the U.S. dollar.”

U.S. stock futures added to early gains after the release of the weekly jobless claims report this morning. Though claims from two weeks ago were revised upward by 4,000, the drop of 19,000 in today’s report makes five of the past six weeks that claims for unemployment benefits have been less than 400,000. Claims numbering less than 400,000 is generally seen as an indicator of an improving labor market. The 366,000 claims reported today marks the lowest number since the financial crisis of 2008.

In Europe, borrowing costs of Spanish debt fell, and the eurozone’s fourth-largest economy now looks safer than third-place Italy. West LB’s Michael Leister said, “It won’t help to calm these fears everyone in the market is having about funding in 2012, but Spain is considered a far more attractive credit than Italy.”

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

  • Gold - $1,585.90 – Even.
  • Silver - $29.05 – Up $0.12.
  • Platinum - $1,417.90 – Down $9.20.
  • Palladium - $623.50 – Up $2.90.

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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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