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Closing Gold & Silver Market Report – 3/9/2012

GREEK DEAL HAS SKEPTICS; JOBS REPORT BOOSTS MARKETS  

The Gold price has continued to climb since the Mid-Day Gold & Silver Market Report. News that more than 80 percent of Greece’s private bondholders have accepted the debt swap deal has pushed the precious metal’s price upward and possibly cleared the way for a new bailout. Although many view the financial crisis turning for the better, some are still skeptical of what is to come. In a news conference, German Finance Minister Wolfgang Schaeuble said, “Greece has today got a clear opportunity to recover. But the precondition is that Greece uses this opportunity.” He also said, “It would be a big mistake to give the impression that the crisis has been resolved. They have an opportunity to solve it, and they must use it."

Since Greece invoked collective action clauses to force some bondholders to participate in the credit-default swaps, payouts on $3 billion of default insurance have been triggered. This is sparking an overall concern that investors actually might start betting against failing countries, which could ultimately hurt the eurozone, said former European Central Bank President Jean-Claude Trichet. Rate strategist Alessandro Giansanti said, “If you want to attract investor demand, you have to offer them an instrument that will allow them to hedge exposure, and CDS (credit-default swaps) is the best instrument for that. … It’s important to keep investor confidence in this instrument, as it will affect the ability of sovereigns to issue bonds.”

Wall Street advanced on the promising Greek news and the latest report on new job creation, although the number of new jobs failed to affect the unemployment rate. Chief equity strategist Jim Russell supported the jobs news, saying, “The jobs numbers have helped the market keep the forward momentum going. It is definitely a confidence builder.” However there is still grave concern over what is being considered an actual Greek default by some investors. Joe Saluzzi, co-manager of trading at Themis Trading in New Jersey, said, “I’m surprised and a bit disturbed that the stock market is this calm to what is essentially the Greek default. … Instead of thinking about what will happen next, what happens to other countries (in the eurozone), the market is thinking, ‘The Fed has my back with cheap money,’ and is brushing off the news.”

At 4:03 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,715.10 – Up $15.40.
  • Silver - $34.34 – Up $0.49.
  • Platinum - $1,687.50 – Up $29.80.
  • Palladium - $711.00 – Up $11.60.

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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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