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Our Daily
Market Reports

Closing Gold & Silver Market Report – 12/28/2011


The U.S. stock market fell 1 percent today, again moving into negative territory for the year. Gold and Silver prices plunged, as well, and the eurozone crisis continues to be the culprit. Last week, markets rallied on news that the European Central Bank (ECB) would provide more liquidity (cash) to eurozone banks. The hope was that banks would take this money from the ECB and buy sovereign debt, or even loan money to other banks or to businesses to stimulate the economy. That has not happened, and the markets expressed displeasure.

The eurozone banks are holding on to the money as part of their reserves. They are storing these funds in the ECB depository facility at a record pace. The eurozone banks are choosing the safety of the ECB depository rather than loaning the money for higher returns. Their lack of faith in their own markets caused a lack of confidence in today’s market action.

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

  • Gold - $1,559.00 – Down $37.50.
  • Silver - $27.13 – Down $1.67.
  • Platinum - $1,388.00 – Down $47.90.
  • Palladium - $646.80 – Down $20.80.

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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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