Morning Gold & Silver Market Report – 11/30/2012
Ryan Schwimmer
11/30/2012 8:01:00 AM
ANALYSTS ASSERT ‘GOLD REMAINS IN HIGH DEMAND’
Gold is looking to end the month of November on the positive side despite being down in early trading today. Analysts at Commerzbank said that one bullish sign for Gold’s price is the number of investors interested in not only physical metals, but exchange-traded funds (ETF) as well. “ETF investors … are proof that Gold remains in high demand as a store of value and a safe haven despite all the price fluctuations. We are confident that the Gold price will continue to climb in 2013,” analysts said in a note.
The European Central Bank (ECB) and the International Monetary Fund (IMF) continue to push for reform in the eurozone. ECB chief Mario Draghi said, “We have not yet emerged from the crisis. The recovery for most of the eurozone will certainly begin in the second half of 2013.” The comments from Draghi come after 173,000 people joined the already large number of unemployed workers in the region. Spain, the eurozone’s third-largest economy, continues to be one area of concern, but until the country formally requests aid, the ECB is not allowed to intervene.
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,725.00, Down $4.50.
- Silver, $34.14, Down $0.28.
- Platinum, $1,615.60, Down $4.90.
- Palladium, $688.40, Up $0.90.
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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
