Closing Gold & Silver Market Report, 06/05/2012

INTERNAL SPANISH BAILOUT LABELED ‘TECHNICALLY IMPOSSIBLE’  

Spain may be required to accept a bailout soon as that country’s treasury minister told Spanish radio listeners today that it’s “technically impossible” for Spain to bail out itself. Spanish banks are suffering from an overload of debt from the country’s bursting housing bubble that was fueled by cheap interest rates after Spain joined the eurozone. Bond yields on Spanish sovereign debt have tipped near the 7 percent mark that signals markets are anticipating a default, and have been trading at 5.48 percent premium to safe haven German bonds, indicating reluctance to loan the government more and more money. Spain will attempt to issue $2 billion more euros in bond debt on Thursday, which will be a test of market sentiment.

Famed hedge fund manager George Soros estimates Europe has three months to address the crisis. “The heavily indebted countries need relief on their financing costs. There are various ways to provide it but they all need the active support of the Bundesbank and the German government,” Soros said. “Nothing can be done without German support.” While he does not expect a full-blown collapse of the euro, Soros expects Germany’s economy to weaken and the resolve of German citizens to soften to the point that they will be increasingly resistant to assist with further bailouts. Soros, a noted Gold bug, rose to fame in the early 1990s by betting against the British pound, earning him the title “The Man Who Broke the Bank of England.”

At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,617.60, Up $4.20.
  • Silver, $28.57, Up $0.48.
  • Platinum, $1,437.20, Up $7.90.
  • Palladium, $624.30, Up $10.30.

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 ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/16/2014 4:13:27 AM EST

Metal Bid Ask Change
Gold $1,303.80 $1,305.80 $3.50
Silver $19.53 $19.63 $0.10
Platinum $1,430.40 $1,440.40 ($4.20)
Palladium $793.00 $798.00 $1.10
4/16/2014 4:13:27 AM EST

Click here for Historical Charts*All Charts are in USD


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