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

ECB RECOVERY FALTERING; U.S.A.–CHINA STRAIN CONTINUES  

Precious metals prices were lower this morning, as better-than-expected jobs data was released, and the euro’s value dropped on renewed sovereign debt crisis concerns. In a note to its investors, Natixis said, “Since the beginning of the year, mint sales in the United States have dropped considerably, indicating a disinterest in the metal on behalf of American retail investors. China’s two principal stock exchanges cut trading fees by 25 percent this week. This represents the first step to encourage investment in the country’s equity market and may signal a turnaround in authorities’ attitudes to equities versus other investments.” Meanwhile, Platinum and Palladium are facing surplus issues for the first time in years.

There is a prevailing perception among economists that European Central Bank President Mario Draghi may have overplayed his hand earlier this year. This viewpoint is fueled primarily by his more cautious statements recently. Bundesbank President Jens Weidmann recently said, “Monetary policy is not a panacea, and central bank firepower is not unlimited, especially not in a monetary union. We can only win back confidence if we bring down excessive deficits and boost competitiveness. And it is precisely because these things are unpopular that makes it so tempting for politicians to rely instead on monetary accommodation.” Austerity measures are taking their toll among a number of eurozone nations. A news conference by Draghi is expected later today.

Chinese dissident Chen Guangcheng has appealed for asylum after speaking with his family. The Chen situation was originally viewed as a successful outcome of foreign policy for the United States, but it has now almost become a liability. Chinese President Hu Jintao said, “It is impossible for China and the United States to see eye-to-eye on every issue, but both sides must know how to respect each other.” Meanwhile, Secretary of State Hillary Clinton said, “Of course, as part of our dialogue, the United States raises the importance of human rights and fundamental freedoms. We believe all governments have to answer our citizens’ aspirations for dignity and the rule of law, and that no nation can or should deny those rights.”

At 1:05 p.m. (EDT), the APMEX precious metals spot prices were:

  • Gold - $1,634.00 – Down $21.00.
  • Silver - $30.07 – Down $0.59.
  • Platinum - $1,536.30 – Down $29.10.
  • Palladium - $662.80 – Down $7.70.

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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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