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Morning Gold & Silver Market Report – 4/11/2012

EUROZONE WORRIES MOUNT; LEADERSHIP QUESTIONS ARISE IN CHINA  

Precious metals prices have held relatively steady this morning, despite the Indonesian earthquakes and heightened concerns in the eurozone. But European concerns and their byproduct of easy monetary policy would be viewed as good for Gold. Standard Bank’s Walter de Wet said, “If there are credit concerns, we think Gold will benefit but it might not be in dollars. If there are problems in Europe, we will see the euro weaken against the dollar. … What it would do in this environment where we’ve seen macro selling in Gold over the last couple of weeks is, at least for now, it won’t push Gold higher, but at least it will make people think twice about liquidating long positions.” China also is likely to continue to accumulate stores of Gold for its central bank.

An interesting development in France is that the ongoing debt crises in the eurozone are seen as a boost for French President Nicolas Sarkozy. Although he trails in most polls, the growing uncertainty within the region is boosting his appeal after his work with German Chancellor Angela Merkel in handling the Greek debt issues. However, Sarkozy does trail challenger Francois Hollande in most polls. Sarkozy said, “If we return to spending without control, we will find ourselves in the same situation as Spain.” The main worry is that if Spain were to default, which other nations are starting to fear, then the $1 trillion already in the coffers will not be enough to protect the eurozone. Spain’s problems are viewed by some analysts as far worse than those of Greece.

China also is having its share of leadership drama: The wife of a Communist Party leader is embroiled in a murder conspiracy. This is causing the planned handover of power to prove quite scandalous. Most people in China view this is the most volatile change in leadership since the 1989 crackdown for democracy in Beijing. There will be a re-allocation of power within the party, but what will happen is not clear. People’s Daily Chief Editor Wu Si said, “The rules for establishing the new array of power at the top have not been settled. The old rules don’t apply, and the new ones are a work in progress.” With China facing tougher economic times, leadership will need to provide some stability, and many observers are questioning whether that is probable.

At 8:06 a.m. (CDT), the APMEX precious metals spot prices were:

  • Gold - $1,659.00 – Down $2.20.
  • Silver - $31.66 – Down $0.08.
  • Platinum - $1,590.20 – Down $2.50.
  • Palladium - $638.60 – Up $0.80.

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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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