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Morning Gold & Silver Market Report – 12/22/2011


U.S. stock futures and the U.S. dollar are rising this morning, after the release of the weekly jobless claims report. Economists expected a rise in claims, but the report showed that 4,000 fewer people filed for unemployment benefits last week. As expected, the number is still in line with a level consistent with an improving economy, and the 364,000 filings are the lowest since April 2008. Third-quarter Gross Domestic Product numbers also were released, reflecting a revision downward by 0.2%. A key measure of inflation was revised higher, and consumer spending was weaker than originally reported. Gold and Silver gave up mild gains after the positive unemployment numbers were reported. 

Fitch Ratings placed the U.S. on warning again regarding the country’s AAA credit rating, though it said a decision likely wouldn’t come until 2013. “Federal debt will rise in the absence of expenditure and tax reforms that would address the challenges of rising health and Social Security spending as the population ages,” the company said in a statement. “The high and rising federal and general government debt burden is not consistent with the U.S. retaining its ‘AAA’ status despite its other fundamental sovereign credit strengths.” The agency said a “credible plan” must be crafted to solve the problem of a large budget deficit.

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

  • Gold - $1,608.50 – Down $5.20.
  • Silver - $29.20 – Down $0.08.
  • Platinum - $1,422.10 – Down $10.60.
  • Palladium - $631.20 – Down $3.90.

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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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