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Morning Gold & Silver Market Report – 5/9/2012

GREEK TURMOIL FANS EURO DEBT CRISIS  

Precious Metals prices were down in overnight and morning trading. Gold in particular is falling due to the immediacy of the European debt crisis. Between changes in leadership, ultimatums and downgrades, the euro again is on shaky ground. Nic Brown of Natixis said, “It’s not as though the escalation of the political risk in Europe is doing anything positive for Gold prices at all, and this is totally different to how we were between 2008 and 2010, when all the correlations were totally reversed and the weakening of the euro actually led to a strengthening in the Gold price.” David Govett of Marex-Spectron said, “Long term, events will catch up with other markets, and the dollar will lose its temporary safe-haven status, and at that point, Gold will start to shine again.” The overall outlook remains positive for Gold.

Greek politicians are not likely to join the coalition government considering the main competition is denouncing the European Union/International Monetary Fund bailout. Alexis Tsipras’s party came in second in a vote over the weekend, and he has been tasked with trying to form a majority party. However, with the mandate to denounce the bailout, the likelihood of another election in a few weeks is looking more certain. Nikos Papas, Tsipras’s political office head, said, “He will say that the signatures of (conservative leader Antonis) Samaras and (socialist leader Evangelos) Venizelos committing to the program represent only 32 percent of voters and are not binding the Greek people to the program anymore.” In response, Samaras said, “Mr. Tsipras asked me to put my signature to the destruction of Greece. I will not do this. The country cannot afford to play with fire.”

Moody’s is set to start cutting credit ratings for more than 100 global banks. These cuts follow the S&P and Fitch downgrades from last year. The cuts could have a detrimental effect on banks being able to raise funds and their ability to offer loans. Philippe Bodereau said, “I’d like to say the views of the rating agencies don’t matter anymore, but unfortunately they do. This is a setback for the banks, particularly when you consider how much progress they have made in making themselves safer and more transparent.”

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

  • Gold - $1,587.20 – Down $18.30.
  • Silver - $28.93 – Down $0.57.
  • Platinum - $1,505.10 – Down $4.20.
  • Palladium - $617.10 – Down $6.80.

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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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