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Mid-Day Gold & Silver Market Report – 12/27/2011


The Gold price is lower as the eurozone crisis worsens instead of improves. Li Ning at Shanghai CIFCO Futures said, “Gold prices may be under pressure from a strengthening dollar in the next few months as the brightened economic prospects in the United States are likely to further boost the dollar index. Although Gold’s outlook remains supported in the medium to long term by central banks’ Gold buying, among other factors, risks such as rising bond yields in Italy will send more safe-haven flow to the dollar and pressure Gold.”

The European Banking Authority has set a June 2012 deadline for European banks to raise more than 114 billion euros in fresh capital. The orders have been put into place to assure that European banks will have enough cash on hand after the price drop in European sovereign bonds. The attempt to accomplish this task will assist with a strong European financial crisis recovery. Ralph Silva at SRN said, “I don't think they’re the canary right now; I think they’re actually the grenade because they are the ones that are going to fix this or make it worse. We need to force them to do the right things, but right now we’re forcing them to do the wrong things for the economy and the right things for themselves.”

In the United States, the housing market has been struggling since 2008. There had been recent expectations that the housing market was  recovering. However, data released this morning indicated that U.S. single-family home prices dropped significantly in October. The U.S. is focusing on improving the housing market to strengthen the overall economy. Omer Esiner at Commonwealth Foreign Exchange said, “In light of the more positive housing numbers we’ve seen in the last week or so, this might be a bit of a disappointment.”

At noon (CST), the APMEX precious metals spot prices were:

  • Gold - $1,592.70 – Down $14.30.
  • Silver - $28.83 – Down $0.32.
  • Platinum - $1,436.00 – Up $3.80.
  • Palladium - $670.00 – Down $2.80.

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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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