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Morning Gold & Silver Market Report – 5/7/2012

GREEK, FRENCH ELECTIONS SEND EURO, GOLD LOWER  

Precious Metals prices were lower, along with stocks, around the globe. The dollar was up, thanks to investors fleeing the euro in search of safety. Weekend elections in the eurozone have many investors concerned. Elections in Greece and France showed a lack of acceptance of needed austerity measures designed to keep countries financially solvent. Steen Jakobsen, chief economist at Saxo Bank, said, “This shows that politics is getting out of control in Europe, (and) the gap between politicians and voters is widening. That’s what you see in Greece; that’s what you see in France.”

In Greece, the combination of parties that structured the recent bailout are now short of a majority in the parliament. Carl Weinberg of  High Frequency Economics wrote, “This is the crisis we have all feared,” referring to the shift in power. The euro now sits at its lowest level in three months after this “worst-case scenario” in Greece.

With the recent dip in the Gold price, many money managers have increased holdings in Gold to the highest level in a month. Barclays Capital reported, “Gold remains locked in a range, and our view is unchanged. … A move above the $1,690 area would confirm our bullish view toward the range highs near $1,800. Seasonality leads us to expect a mid-year sideways chop before we become more bullish in the second half of the year.”

At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold - $1,638.90 – Down $7.30.
  • Silver - $30.21 – Down $0.25.
  • Platinum - $1,528.70 – Down $8.30.
  • Palladium - $653.20 – Up $0.10.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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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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