Our Daily
Market Reports

Mid-Day Gold & Silver Market Report – 2/16/2012

U.S. NURTURING GROWTH; GREEK BAILOUT GAP SEEN 

Precious metals prices have begun to rebound from the morning lows. The promising economic data that is being released has boosted stocks and pointed to a growing economy. Normally, Gold moves against the dollar, and with the euro dropping and dollar rising, that was the case earlier this morning. But Gold’s safe-haven appeal has boosted the metal as fears grow over a “hole” in the Greek bailout. Daniel Smith, an analyst with Standard Chartered, said, “Clearly, there is mounting concern in the background about Greece. … I would say I think the next move will be up, but it’s a question of timing.”

Jobless benefits have fallen to an almost four-year low. Factory activity also increased for the month, which has led economists to feel more positive about U.S. economic momentum. Economist Joel Naroff said, “The numbers add to the belief that the economy is shifting gears. There is just no number that is giving us a whole lot of trouble, except for consumer spending.” Economic growth tends to promote a fear of inflation, but that seems to be quelled in trading circles. Head trader David Coard said, “While I am bullish on the economy, I don't see growth getting away from us enough to the point where it becomes inflationary any time soon.”

March 20 still looms as the key date to have Greek measures in place, as that is the next bond redemption, or debt payment, date. Emergency loans are being discussed as well as contributions from the ECB to offset any potential default. There are key dates in the near future that will hopefully point to resolution, but a showdown should not be ruled out after this current hiccup. A meeting is planned for Feb. 20 during which officials most likely will discuss how to plug the shortage in the bailout. This will precede a March 1-2 summit, which could be a showdown as to whether to provide the Greek bailout or wait until after April elections in Greece to proceed. This is a stricter stance taken by Europe, said Estonian Finance Minister Jurgen Ligi. “Critical voices are sounding louder than others,” Ligi said.

At 12:01 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,722.50 – Down $4.60.
  • Silver - $33.39 – Down $0.09.
  • Platinum - $1,628.30 – Down $10.90.
  • Palladium - $697.90 – Up $13.30.

« Return to Commentaries

World Market Trading Hours

Our spot prices are subject to change during the following hours, excluding holidays:

 
Gold
Silver
Platinum
Palladium
COMEX &
NYMEX Markets
Monday-Friday
8:20AM-1:30PM
Monday-Friday
8:25AM-1:25PM
Monday-Friday
8:20AM-1:05PM
Monday-Friday
8:30AM-1:00PM
CME Globex
World Markets
Monday-Friday
6:00AM-5:15PM
Monday-Friday
6:00AM-5:15PM
Monday-Friday
6:00AM-5:15PM
Monday-Friday
6:00AM-5:15PM

Disclaimer:
APMEX’s ‘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, three times during the trading day. 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 "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

Back To Top

Items In Cart


There are no items in the cart.

PLATINUM