Call Us: 800.375.9006

Free Shipping on Orders Over $99



Our Daily
Market Reports

Mid-Day Gold & Silver Market Report – 1/6/2012


Precious metals prices are down since the Morning Gold & Silver Market Report. Oliver Pursche at GMG Defensive Beta Fund shared his outlook for Gold. “It will be a volatile year for Gold, but ultimately a fairly rewarding year for investors.” His firm is forecasting a price of $1,800 per ounce, but he is “still a little bit more bullish. I think that inflationary pressures are going to come through. When you look at the Gold price today, it’s really a reflection of a strong dollar due to the events in Europe and weak investment demand in the fourth quarter,” he said. “We don’t see that persisting.”

French President Nicolas Sarkozy and German Chancellor Angela Merkel plan to meet Jan. 9 to review Europe’s new fiscal agreement before the European Union summit, which is planned for the end of this month. Europe seems to be heading toward a recession with austerity measures in place, which has caused citizens to be more hesitant to spend money accompanied by a worsening unemployment rate. Jennifer McKeown at Capital Economics said, “Things are really starting to slow down. There’s an underlying economic downturn going on at the same time as the peripheral debt crisis continues. Even the strongest parts of the eurozone economy are beginning to falter. We see the eurozone beginning to break up, perhaps as soon as this year.”

The EU joined the U.S. in a preliminary agreement to ban imports of Iranian oil, but many countries in the EU are dependent on the oil imports. Paul Stevens, economist and emeritus professor at Dundee University in Scotland, told CNBC, “Greece’s economy is already mired in deep recession and could feasibly collapse entirely if the sanctions were imposed. But the impact that would have on countries like Italy and Greece would be enormous, and the Greeks are not going to slit their own throats for the sake of an EU sanction when Iran is the only country willing to offer them oil on favorable terms. It would utterly destroy the Greek economy.”

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

  • Gold - $1,618.70 – Down $2.40.
  • Silver - $28.87 – Down $0.51.
  • Platinum - $1,409.00 – Down $8.00.
  • Palladium - $615.50 – Down $29.90.

« Return to Commentaries

World Market Trading Hours

Our spot prices are subject to change during the following hours, excluding holidays. View current spot prices for Gold, Silver, Platinum and Palladium on our Spot Price Charts page.

NYMEX Markets
8:20 a.m.-1:30 p.m. (ET)
8:25 a.m.-1:25 p.m. (ET)
8:20 a.m.-1:05 p.m. (ET)
8:30 a.m.-1:00 p.m. (ET)
CME Globex
World Markets
6:00 p.m.-5:00 p.m. (ET)
6:00 p.m.-5:00 p.m. (ET)
6:00 p.m.-5:00 p.m. (ET)
6:00 p.m.-5:00 p.m. (ET)

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.

 (0)

There are no items in the cart.