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Morning Gold & Silver Market Report, 6/15/2012

GREEK ELECTION HAS INVESTORS POISED TO ACT     

Precious Metals are on the rise this morning ahead of what is viewed as a key Greek election. Global investors are most likely moving from their cash positions to the safe haven of Gold. Analyst Andrey Kryuchenkov said, “Not many will dare take on fresh longs ahead of the weekend given Gold's peculiar behavior recently, when it swings back and forth with or against risk sentiment.” In a note to its investors, HSBC wrote, “The next big event in the Gold world is likely to be the Greek election. Gold may be caught between the election and U.S. monetary expectations.”

Worldwide central banks stand poised to take action based upon Sunday’s Greek election. European Central Bank President Mario Draghi has hinted at poor economic conditions as a result of this election and is poised to act. He said, “There are serious downside risks here. … This risk has to do mostly with the heightened uncertainty.” The seriousness is evident as not only the ECB is poised to act, but countries including Japan, England and other G20 nations are preparing to stabilize the global impact. And although since his election, and differing views, French President Francois Hollande has taken Germany to task but shares the same view when it comes to Greece and Sunday’s election when he said, “But I have to warn them, because I am a friend of Greece, that if the impression is given that Greece wants to distance itself from its commitments and abandon all prospect of recovery, there will be countries in the eurozone which will prefer to finish with the presence of Greece in the eurozone.”

American markets are also holding firm ahead of the elections, as well. Strategist Peter Boockvar said, “Ahead of Sunday’s election in Greece, central bankers stand ready, again. With all the water central banks have expended out of their fire hoses over the past few years in their attempt to ‘do something,’ I can only think of magic candles -- those candles you blow out that only flare up again immediately after.” The G20 is set to meet next week in Mexico, and financial leaders are expected to discuss the weakest global economy since 2009.

At 9:01 a.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,625.00, Up $5.40.
  • Silver, $28.76, Up $0.25.
  • Platinum, $1,497.00, Up $7.40.
  • Palladium, $634.70, Down $1.20.

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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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