Our Daily
Market Reports

Morning Gold & Silver Market Report – 3/5/2012

GOLD PRICE SLIGHTLY LOWER, SILVER SLIGHTLY UP IN EARLY TRADING   

Gold and Silver prices have been relatively stable in morning trading. Gold did dip below $1,700 before rebounding. Platinum and Palladium have taken sharper hits to their prices. Generally speaking, this lack of price movement occurs on days when there is a void of news affecting Gold and Silver. This was true this morning. Greece and oil remain the top headlines. The popular notion that a solution has been finalized to deal with Greek debt is not correct. In fact, this is a very important week because it is time for the private bondholders to decide to what extent they will participate in the debt swap, if at all. Greece must get 75 percent of these bondholders to agree so as to avoid kicking in credit-default swaps. If this does not go through, Greece is again looking at the possibility of default.

HSBC Chief Economist Stephen King said rising oil prices are beginning to overtake Greece as the greatest reason for investor anxiety. If we see prices start to approach what was experienced in 2008, it would greatly threaten the global economy. The U.S. experienced an extended period of stagflation in the early 1970s as a direct result of higher oil prices.

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

  • Gold - $1,705.80 – Down $4.50.
  • Silver - $34.62 – Up $0.08.
  • Platinum - $1,673.10 – Down $19.60.
  • Palladium - $710.60 - Down $2.00.

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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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