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Morning Gold & Silver Market Report – 2/17/2012

GOLD UP ON CHINESE DEMAND, GREEK SITUATION, INFLATION WORRIES  

Precious metals prices are trading higher this morning thanks to increasing demand, a stronger euro, and inflationary concerns. As mentioned yesterday, data from the World Gold Council showed that China and India generated 49 percent of demand for Gold as an investment. Marcus Grubb, managing director for investment at the World Gold Council, said, “It is likely that China will emerge as the largest Gold market in the world for the first time in 2012. What is certain is that the long-term fundamentals for Gold remain strong, with a diverse and growing demand base, coupled with constrained supply-side activity.”

The euro was boosted by fresh hopes of a second bailout for Greece. Finance ministers from the eurozone are set to meet Monday, and leaders from Germany, Italy, and Greece are all optimistic that an agreement will be reached. However, tensions are rising in the region because the leaders have again pushed this problem to a crucial moment. Austrian Finance Minister Maria Fekter said, “The skepticism is especially strong among the triple-A states over whether Greece will be able to make it. The risk of a Greek insolvency is not off the table.”

The consumer price index was released in the U.S. this morning, and there is a concern that higher energy costs may hamper economic recovery. Though a large portion of consumers’ paychecks go to food and energy costs, the Federal Reserve does not include those two factors when they consider inflation. However, the core index (not including food and energy) still rose 0.2 percent, which was in line with analysts’ expectations.

At 8 a.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,733.40 – Up $6.00.
  • Silver - $33.58 – Up $0.14.
  • Platinum - $1,640.20 – Up $13.10.
  • Palladium - $696.50 – Down $0.90.

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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.

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