Gold & Silver Daily Market Recap: December 11th, 2012

Spot gold held in a steady range Tuesday ahead of the Federal Open market committee meeting to be held on Wednesday.

Despite the falling green back metals were sent into a retreat even with the possibility of more QE tomorrow in the form of fresh bond-buying effort that will replace 'Operation Twist', which is set to expire at the end of the year. QE is seen as bullish for metals as it debases the U.S dollar and leads to inflation. The yellow metal touched a low of $1705 amid some positioning square as the two day. The weak U.S green back has kept gold well bid heading into the meeting.

"Any downside in gold should be contained, unless its breaks below $1,700. However, as we’ve noted before, we see dips below $1,700 as buying opportunity, with longer-term drivers in place, which should keep prices well supported". Said Standard Bank in its daily note.

U.S data released showed another mixed bag. The October US trade balance came in a deficit of $42.2 billion against a anticipated $42.7 billion. The December IBD/TIPP economic optimism index again wasn't impressive  dropping to 45.1, despite a projected 51.6, while October wholesale inventories rose 0.6 %.

While we rarely speak of the Platinum group metals(PGM) one cannot notice the strength in Platinum and Palladium. This has been reflective of the positive data that has flowed out of China with the reports of rising auto sales.  Platinum has hit a fresh 60 day high of $1634 while palladium has seen its best days jumping as high as $705. This rally has come in the face of the fiscal cliff and uncertainty in the Eurozone.

"Platinum and palladium will return to the biggest shortages in at least a decade this year as strikes and safety stoppages in South Africa and falling sales from Russia cut supplies" This according to a Johnson Matthey report published in November.

This would suggest increased gains are in the cards for the PGM's.

  Gold Silver
Support $1685/$1700 $32.05/$32.50
Resistance $1705/$1717 $33.30/$34.25


 December 11th Closing Prices

Gold $1708
Silver $32.94
Platinum $1639
Palladium $695





  • United States Mint
  • Royal Canadian Mint
  • The Perth Mint Australia
  • Johnson Matthey
  • A-Mark Precious Metals, Inc.
  • Laurentian Bank
  • Engelhard
  • Brinks

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