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Market Reports

Morning Gold & Silver Market Report – 2/27/2012

OIL PRICE KEEPS RISING; GOLD, SILVER PRICES SOFTEN  

Oil prices have gone up the past two weeks and look as if they might make a run at a third consecutive week. A CNBC poll showed 75 percent of analysts and traders are expecting higher prices this week. There is concern that rising oil prices could put the brakes on a fragile global economic recovery. The United States has experienced sharp price hikes at the gasoline pump of late, and there are those who speculate we could see $5 per gallon gasoline during peak driving season this summer. It is worth mentioning that in the longer term, the Gold price has a positive correlation to the price of oil.

There was even more violence in Afghanistan today, as a suicide bomber killed nine people in an attack on a military airport. Although there has been nothing official, it is believed this is another revenge response by the Taliban for recent burnings of the Koran. The U.S. Embassy is warning that there are heightened risks for U.S. citizens in Afghanistan. So far, the U.S. is resisting talks suggesting we should pull out our troops ahead of schedule.

The Group of 20 finance ministers (G-20) met over the weekend and decided not to increase funding for the International Monetary Fund (IMF), until they see more evidence that a firewall has been set up to contain the eurozone debt crisis. This delay caused precious metals prices to dip in morning trading, although prices were rebounding, and Silver was showing a gain.

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

  • Gold - $1,773.10 – Down $2.30.
  • Silver - $35.48 – Up $0.08.
  • Platinum - $1,709.80 – Down $6.30.
  • Palladium - $709.10 – Down $2.70.

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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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