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Mid-Day Gold & Silver Market Report 3/6/2012

METALS RATTLED BY UNCERTAINTIES OVER GREEK DEBT SWAP     

Precious metals prices are down across the board on concerns whether the Greek bond swap deal will be successful. Gold, Platinum, Palladium and Silver all experienced a hit, with prices down more than 2 percent. A combination of factors has affected the market today. Analysts at Barclays Capital said, “Uncertainty about Greece, a revision to China’s official growth forecasts, and elevated oil prices are rattling asset markets. These concerns are not new, and, so far, the correction is more likely to reflect profit-taking than a more sustained, fundamentally based sell-off in risky assets.”

Declines in household spending, exports and manufacturing in the latter part of 2011 depressed the eurozone’s economy. But many economists are expecting growth and development for the eurozone in the second half of 2012, if the eurozone’s leaders can agree on a substantial financial firewall to assist in rescuing indebted states. This outlook ultimately does not support households that are experiencing high unemployment and inflexible inflation. “Households will remain under pressure, and we don't expect any improvement because fiscal consolidation will deepen, and inflation, while falling, remains quite sticky,” said Mario Valli, chief eurozone economist at Unicredit. Household spending in the eurozone was down 0.4 percent in 2011’s fourth quarter.

The institute for International Finance (IIF) said an inadequate participation rate in Greece's debt swap would lead to a disorderly default, which would likely force Italy and Spain to seek aid. Such a default would cause more than 1 trillion euros ($1.32 trillion) in damage to the eurozone, the IIF said.

At 12:03 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,668.70 – Down $35.60.
  • Silver - $32.74 – Down $0.98.
  • Platinum - $1,612.90 – Down $50.70.
  • Palladium - $671.40 – Down $35.60.

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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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