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Market Reports

Closing Gold & Silver Market Report – 1/5/2012


The price of Gold experienced a resurgence this afternoon, extending gains for the fourth session in a row. Gold settled at its highest point since Dec. 13, and prices have gone up by more than 5% since Friday. Broker and futures analyst Frank Lesh with FuturePath Trading said, “The biggest influence today was the euro. People fled the euro and bought Gold.” The other precious metals -- Silver, Platinum, and Palladium -- dipped somewhat in afternoon trading, although the price of Silver still ended the day up by more than $0.20.

Renewed concerns about European economic issues caused the euro to plunge to its lowest point in 16 months, resulting in a corresponding downturn of global stocks and commodities. Against the U.S. dollar, the European currency dropped below $1.28 today, a level not seen since September 2010. Explaining the euro’s drop, Marc Chandler, chief currency strategist with Brown Brothers Harriman, said, “I think the market’s primarily concerned about the rollover (of debt) risk from the sovereigns as well as the banks’ capital. You also had weaker European economic data.” Chandler said these concerns, although not new, have flared in response to efforts by Unicredit, Italy’s largest bank, to attract investors by offering a 43% discount on new shares. Also today, France sold 8 billion euros’ worth of higher-yield bonds, and the European Financial Stability Fund sold 3 billion euros in three-year bonds. Chandler said, “People expect a downgrade any day. Next week, you have Spain and Italy coming to the bond market. Full liquidity hasn’t really returned to the market. The euro is falling against the dollar and also making new lows against sterling and the yen.”

At 4:15 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,623.20 – Up $9.50.
  • Silver - $29.40 - Up $0.22.
  • Platinum - $1,417.50 - Down $7.80.
  • Palladium - $640.50 - Down $14.00.

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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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