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Morning Gold & Silver Market Report – 5/15/2012

EUROZONE FEARS PERMEATE PRECIOUS METALS MARKET  

Precious Metals prices remained relatively steady in overnight trading. Physical demand and better-than-expected German economic data helped maintain prices overnight, but concerns continue over Greece’s role and whether it will stay in the eurozone, adding to the volatile currency market. In a note to its customers, broker Marex Spectron said, “When German GDP came in at 0.5 percent, a lot higher than expected, the subsequent rally in the euro gave rise to a quick 10-dollar short covering rally in Gold.” However, Gold’s rebound is seen as a likely scenario. Analyst Pradeep Unni said, “(Gold’s) safe-haven status has been tarnished. … It will wobble on the euro’s weakness, but in a very short term, bargain hunting and pent-up demand will emerge, taking it higher.”

The push for austerity in Greece remains in place regardless of pleas from Alexis Tsipras, who boycotted a bargaining meeting yesterday in support of his views. The talk of Greece leaving the euro is not viewed as a realistic option. However, the failure of the Greek government to form a unity government after its most recent elections continues to adversely affect European markets. London-based economist Marchel Alexandrovich said, “The euro breakup story is gathering steam again. … If Greece were to ever exit the euro, no amount of reassuring comments will convince investors that other countries won’t soon follow.”

Francois Hollande is to be sworn in as France’s president later today. Once sworn in, he is expected to fly to Germany to meet with Chancellor Angela Merkel for the first time. The meeting will be closely monitored due to their disparate views and Merkel’s very public support of Hollande’s challenger Nicolas Sarkozy. Economist Carsten Brzeski said, “In our view, what currently looks like a clash between growth-fanatics and austerity-fetishists will eventually end in a good European compromise with something for everyone: The fiscal compact and the medium-term goal of balanced budgets should remain intact, but complemented by a new growth compact with European funds and initiatives.” Political analyst Erwin Grandinger said, “I think it’s the first kick-off meeting to repair personal relations between Hollande and Merkel. Merkel had done something extremely unusual. She took sides in the presidential elections.” Hollande has supported pro-growth sentiments, while Merkel has had a pro-austerity position.

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

  • Gold - $1,559.90 – Down $2.50.
  • Silver - $28.28 – Down $0.14.
  • Platinum - $1,450.40 – Up $6.80.
  • Palladium - $603.50 – Up $7.60.

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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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