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Morning Gold & Silver Market Report, 6/8/2012

INVESTORS NERVOUS; SPAIN TO REQUEST AID

American stock futures are taking a hit this morning, now that investors have had a day to digest the big news from yesterday. Federal Reserve Chairman Ben Bernanke’s reluctance to acknowledge any plans for monetary stimulus had a big effect on market sentiment. China is expected to release economic data this weekend, and some are worried that yesterday’s interest rate cut in that country could signal disappointing numbers. David Morrison of GFT Markets wrote that “investors are becoming increasingly jittery as we head into the weekend. As a consequence, many are taking the opportunity to take some risk off the table and book profits.” Precious Metals are also trading lower this morning as a result.

Reuters is reporting that Spain could request aid for its struggling banking sector this weekend. Spain would be the fourth country to appeal to the eurozone for aid during the region’s debt crisis. Sources said finance ministers are holding a conference call Saturday, and that is when the request is expected. A senior German official said that after yesterday’s downgrade of Spain’s sovereign credit rating, “The government of Spain has realized the seriousness of their problem.”

Echoing sentiments from many other pundits, Harvard professor Martin Feldstein said that Greece’s economy is beyond repair, and that the only option that country has left is to leave the eurozone. “Letting Greece go will be painful in the short run but will be better for Greece, and for Europe, in the long run,” Feldstein said.

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

  • Gold, $1,576.40, Down $11.10.
  • Silver, $28.24, Down $0.38.
  • Platinum, $1,417.90, Down $25.00.
  • Palladium, $609.40, Down $16.40.

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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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