hp-free-shipping-truck Free Shipping On Orders Over $99

Our Daily
Market Reports

Mid-Day Gold & Silver Market Report – 12/15/2011

GOVERNMENT SHUTDOWN POSSIBLY HOURS AWAY    

The Gold price is lower since this morning’s rebound. There are various factors that have affected the price of Gold, such as the global economic outlook. Investors are keeping close watch on Europe, as the eurozone’s financial crisis has not been fully handled yet. Also, a stronger dollar has been negative news for Gold’s price. The Federal Reserve decided not to announce any further stimulus measures at this time; instead, it is waiting for Europe to resolve their economic concerns. Heraeus Precious Metals trader Fred Schoenstein said, “Over the course of the last three days, there’s been a shift to people raising cash and selling Gold. … The economic outlook hasn’t changed, and the euro situation has only gotten worse. The outlook remains relatively bullish for Gold.”

The countdown is on, with less than 40 hours before a possible government shutdown. If the spending bill is not passed, the government could shut down Saturday morning, affecting the payrolls of government employees along with the unemployed population. The thought that the government might shut down doesn’t appear to be an immense concern at this time, as the economy is used to its’ leaders giving up. Sen. Mitch McConnell, R-Ky., said, “We are confident and optimistic we’ll be able to resolve bills on a bipartisan basis.” While Hawaii Democrat Sen. Daniel Inouye, D-Hawaii, the Senate Appropriations Committee chairman, said he and Senate Minority Leader McConnell are closer to agreement on areas of dispute over a payroll tax cut measure, and the congressional session could end “at a reasonable time in the next few days.”

Reaction last Friday after the European Union summit seemed mostly positive. Now, the market is reacting negatively, as no plan of action is in place. Faith in EU summits has been lost among investors, and many are steering far away from European trades. “Increasingly, people are realizing these are mature economies,” said Mark Dow, portfolio manager at Pharo Management LLC, a global macro hedge fund in New York. “This is not a Brazil or Turkey where … there's a natural growth rate that’s going to get you out of the problem.”

At 12:03 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,573.50 – Down $13.50.
  • Silver - $29.16 – Up $0.21.
  • Platinum - $1,406.00 – Down $21.30.
  • Palladium - $623.10 – Up $2.50.

« Return to Commentaries

World Market Trading Hours

Our spot prices are subject to change during the following hours, excluding holidays. View current spot prices for Gold, Silver, Platinum and Palladium on our Spot Price Charts page.

 
COMEX &
NYMEX Markets
Monday-Friday
8:20 a.m.-1:30 p.m. (ET)
Monday-Friday
8:25 a.m.-1:25 p.m. (ET)
Monday-Friday
8:20 a.m.-1:05 p.m. (ET)
Monday-Friday
8:30 a.m.-1:00 p.m. (ET)
CME Globex
World Markets
Monday-Friday
6:00 p.m.-5:00 p.m. (ET)
Monday-Friday
6:00 p.m.-5:00 p.m. (ET)
Monday-Friday
6:00 p.m.-5:00 p.m. (ET)
Monday-Friday
6:00 p.m.-5:00 p.m. (ET)

Disclaimer:
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.

Items In Cart


There are no items in the cart.

AURIC