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Morning Gold & Silver Market Report - 12/29/2012


Although Gold and Silver prices have bounced off their morning lows, the trend of the past couple of days has been decidedly downward. The euro fell through an important price point of 1.30 and is currently trading at 1.2895. Clearly, the euro is dealing with a significant lack confidence. As the euro has fallen relative to the U.S. dollar, Gold and Silver have followed their historical trend to move down as the dollar goes up.

There are several opinions about why the euro has fallen as rapidly as it has recently. One is the concern that the European Central Bank (ECB) might still decide to roll the printing press. Another opinion is that the weaker euro has to do with the rapid expansion (10%) of the ECB balance sheet in one week. European banks took the money loaned to them by the ECB and, instead of investing, took the least risky path and parked the money in the ECB overnight depository. A third opinion revolves around the Italian bond market, which has been very unstable lately. Although today’s 10-year Italian bond auction went smoothly, this situation has not calmed to any level of certainty. All three may very well be playing a part, but the increase in the ECB’s balance sheet probably is the current driving factor.

Weekly jobless claims in the United States rose more than expected, but the number remained below 400,000. Initial claims for jobless benefits went up 15,000 to 381,000. Economists polled by Reuters had forecasted 375,000 claims. Although this does break the streak of three weeks of declining claims, most analyst expect a gradual positive trend to continue.

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

  • Gold - $1,535.10 – Down $29.80.
  • Silver - $26.65 – Down $0.64.
  • Platinum - $1,354.00 – Down $36.40.
  • Palladium - $631.30 – Down $16.90.

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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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