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Mid-Day Gold & Silver Market Report 3/5/2012

GREECE OPTIMISTIC ON SOVEREIGN DEBT DEAL  

Precious metals prices are experiencing a small loss since this morning. Gold's price is declining on news that China is lowering its economic growth target for 2012 to 7.5 percent, which is the lowest level in seven years. China's intentions are to lower the target in an effort to allow Beijing to create stability for its economy and to resolve price pressures without an inflation spike before new leadership is put in place later this year. Paul Cavey at Macquarie Bank in Hong Kong said, “The slower growth numbers just reflect the reality that growth is going to be slower because the rest of the world is going to be weaker.”  

Greece is optimistic today as major bondholders have voiced their anticipation that a bond swap deal will be successful. The deal will cut an estimated 100 billion euros from Greece’s debt. Bondholders can accept the one-time offer to take a 53.5 percent haircut; if they do not, Greece is expected to put collective action clauses into effect, which requires those who declined the initial offer to comply and take a loss. Petros Christodoulou, the head of Greece’s debt management agency, suggested to those who want to play the waiting game that the deal will not get any better. Christodoulou said, “There is just no money for holdouts. We are prepared for legal challenges, but the risk here is that people are trying to be too smart.”

U.S. economic data released this morning showed new orders for factory goods dropped in January by 1 percent, while the rate of growth in the U.S. services sector increased in February to an index reading of 57.3 from January’s index reading of 56.8. These numbers represent positive progress in the U.S. 

At noon (CST), the APMEX precious metals spot prices were:

  • Gold - $1,699.60 – Down $10.70.
  • Silver - $33.72 – Down $0.82.
  • Platinum - $1,665.00 – Down $27.70.
  • Palladium - $707.50 - Down $5.00.

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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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