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Morning Gold & Silver Market Report – 3/2/2012

GOLD’S BUYING OPPORTUNITY MAY NOT BE OVER  

Gold and Silver are giving back yesterday’s gains this morning, while U.S. stock futures trade lower. A strengthening U.S. dollar is the likely cause of Gold and Silver’s decline, as currency markets have recently been the controlling factor in the prices of the metals. One analyst, James Steel, believes that the buying opportunity for Gold may not be over yet. He said, “The rather modest bounce in Gold prices implies that the sell-off might not be over.” He added that in the longer term, “monetary policy is still highly accommodative, and we believe this will eventually support the Gold price.”

An election in Iran highlighted growing tensions between that country and Western nations. Supreme Leader Ayatollah Ali Khamenei called on his country’s citizens to vote, as he said, “The arrogant powers are bullying us to maintain their prestige.” U.S. President Barack Obama is scheduled to meet with Israeli Prime Minister Benjamin Netanyahu in the coming days. Israel has been very outspoken about their willingness to use military force to prevent Iran from continuing its nuclear program, and Obama is worried that such an attack may be premature if or when it happens.

25 of the 27 European Union countries signed a fiscal pact which states that all countries are to write a golden rule regarding balanced budgets and to put those into constitutions or laws. European Council President Herman Van Rompuy said that the agreement “helps prevent a repetition of the sovereign debt crisis.” However, that raises a question: Doesn’t the crisis have to be over before a repetition can occur?

At 8:02 a.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,713.50 – Down $9.10.
  • Silver - $35.03 – Down $0.66.
  • Platinum - $1,705.90 – Up $3.80.
  • Palladium - $716.00 – Down $0.80.

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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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