Our Daily
Market Reports

Mid-Day Gold & Silver Market Report - 3/8/2012

INVESTORS STEER TOWARD GOLD; OUTLOOK FOR GREEK DEAL ENCOURAGING  

Precious metals prices are up following morning trends. For the past two days, the U.S. dollar’s strength has decreased compared to the euro, which has pushed Gold up. Investors seem to be feeling more comfortable with the yellow metal versus green paper. Greece is working constructively on its debt bond swap, and it appears the deal may reach a successful closure by today’s deadline. Rick Trotman at MLV & Co said, “It finally looks as if Greece will pull through, and the sentiment overall is positive. The risk-on mentality seems to be back for now.” In an e-mail report today, UBS AG stated the possibility of a third round of economic stimulus from the Federal Reserve is key to determining Gold's next move.

Private creditors of Greece may have mixed emotions on the haircut they suffered on their bond swaps in order to save that country financially, but Nouriel Roubini of Global Economics feels differently. Roubini said, “The reality is that private creditors got a very sweet deal. They should stop complaining. They will take some losses, but those losses are limited. Indeed, the fact that the new bonds are expected to be worth more than the old bonds suggests that this PSI exercise has further transferred losses to official creditors.” 

Household consumer confidence last week hit a four-year high, as more Americans feel the economy is improving, and that it’s a good time to begin purchasing again. Joe Brusuelas at Bloomberg LP said, “Consumers are much more comfortable about their own personal financial situations, which is largely negating the recent rise in gasoline prices.” However, rising gasoline costs continue to be a source of concern over consumer backlash. Gasoline costs threaten the gains being made with consumer confidence. Gary Langer said, “As gas pushes toward $4, the risk of consumer backlash grows ever greater. … Even with its breakout this year, consumer sentiment has far to run.” The outlook remains good for economic improvement.

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

  • Gold - $1,699.80 – Up $14.90.
  • Silver - $33.89 – Up $0.28.
  • Platinum -$1,658.00 – Up $29.70.
  • Palladium - $699.80 - Up $14.40.

« Return to Commentaries

World Market Trading Hours

Our spot prices are subject to change during the following hours, excluding holidays:

 
Gold
Silver
Platinum
Palladium
COMEX &
NYMEX Markets
Monday-Friday
8:20AM-1:30PM
Monday-Friday
8:25AM-1:25PM
Monday-Friday
8:20AM-1:05PM
Monday-Friday
8:30AM-1:00PM
CME Globex
World Markets
Monday-Friday
6:00PM-5:15PM
Monday-Friday
6:00PM-5:15PM
Monday-Friday
6:00PM-5:15PM
Monday-Friday
6:00PM-5:15PM

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.

Back To Top

Items In Cart


There are no items in the cart.

PLATINUM