Barclays: Gold, palladium looks positive; silver, platinium declines

The precious metals complex saw mixed price action on the day. Gold edged higher by 0.2% to $1715.89/oz, while Silver shaved off 0.3% to $31.93/oz. Palladium increased by 1% to $582.99/oz, while Platinum came off by 0.5% to $1531.99/oz, siad Barclays Capital in a research note. 

According to Barclays, the macro backdrop remains uncertain with Europe as the focal point, although our economists note some positive news coming out of Spain. The Q3 Spanish fiscal data showed that fiscal consolidation has accelerated in all regions after the regional elections in the country and should continue its acceleration into Q4. 

However, our in-house European economics research also highlighted that although the next ECB meeting on December 8 and the EU summit on the following day should offer some hope for a solution to the eurozone crisis, further negative news is expected to come out of Europe paving the way for more macro uncertainties. 

In supply news, according to the Gold Industrialists’ Union, Russian gold miners collectively produced 177 tonnes of gold in the first 10 months of this year, about 5.1% higher than the same period in 2010. For the entire 2011, the Union expects 211 tonnes of gold to be produced, which is roughly 5% of our expected gold production for this year. 

In South Africa, one of the largest gold producers, Harmony Gold, suspended its operations at the Tshepong Mine due to a fatality. The mine produced roughly 214koz of the yellow metal in 2010. – CommodityOnline

Tags: palladium, palladium price, palladium prices, platinum, platinum price, platinum prices

Posted by admin on Dec 1 2011. Filed under Palladium, Platinum. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry