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Morning Gold & Silver Market Report – 5/14/2012

GOLD DROPS TO 4.5-MONTH LOW ON FALLING EURO  

The European debt crisis continues to cause more and more concern, especially after the political deadlock in Greece over the weekend. Gold prices have been moving in tandem with riskier assets for much of the past year, and this European economic uncertainty is fueling movement away from riskier assets. In the end, the same phenomenon is driving Gold prices down. “Gold is under severe pressure. The U.S. dollar is being seen as a safe haven at the moment, and as long as the dollar is appreciating against the euro, this is clearly weighing on the Gold price,” said Daniel Briesemann, an analyst at Commerzbank.

Greece cannot decide whether it will support or oppose the 130 billion-euro bailout offered by the European Union and International Monetary Fund. The roadblock began with May 6 elections, in which Greek politicians came up equally divided on this issue. Greek President Karolos Papoulias had not gained support over the weekend or today, which is reinforcing the view that Greece is heading for bankruptcy and an exit from the eurozone. If a compromise cannot be reached between the two parties, then there will be no choice but to call for another election.

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

  • Gold - $1,563.10 – Down $22.40.
  • Silver - $28.57 – Down $0.39.
  • Platinum - $1,451.40  - Down $2.00.
  • Palladium - $603.00 – Down $1.40.

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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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