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Morning Gold & Silver Market Report – 2/28/2012

OIL, GOLD BUCK TREND; DURABLE GOODS ORDERS DROP  

All precious metals are enjoying gains this morning, with Silver leading the pack. Peter Fertig of Quantitative Commodity Research Ltd. said, “The euro is stronger against the dollar, and that’s one of the major supportive factors.” Fertig said higher equities are “also supportive” for precious metals. Chuck Jeannes, chief executive of mining company Goldcorp Inc., said he sees Gold’s price in the future at “the $1,700 to $2,000 range based on the macroeconomic factors as they exist today. It’s certainly set the table for a much higher Gold price.” Gold and oil have bucked the normal positive correlation they share today, as oil pulled back from recent highs.

U.S. stock futures are gaining this morning, and Jose Wynne of Barclays Capital wrote, “Risky assets are being supported by lower oil prices, stronger-than-expected U.S. housing data and the German Bundestag’s approval of the second Greek bailout package.” Stock futures held onto gains, even after the release of the durable goods report for January. That report showed a 4 percent drop in orders for long-lasting goods in the U.S., which is the biggest drop in three years. In a time when the fragile economic recovery seems to hinge on every little news item, this report’s effect may be a significant one.

The uprising in Syria continues to be met with brutal force from forces loyal to President Bashar al-Assad. The death toll continues to climb a day after voters approved a new constitution. French Foreign Minister Alain Juppe believes that Assad’s government had “broken all the limits of barbarism.” He said, “And when I see the Syrian president paraded around this voting station in Damascus for this phony referendum, it makes you deeply indignant.” Juppe also expressed his frustration about the inability to obtain security guarantees to evacuate wounded civilians and Western journalists from the opposition stronghold of Homs. He ended his statement by warning Assad he would be brought to justice and suggested it was time that the International Criminal Court become involved.

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

  • Gold - $1,779.80 – Up $5.90.
  • Silver - $36.08 – Up $0.50.
  • Platinum - $1,716.80 – Up $1.50.
  • Palladium - $713.50 – Up $7.10.

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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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