GOLD’S VALUE INCREASES BY 13% IN 2012; BULGARIA REJECTS ADOPTION OF EURO
Precious Metals moved slightly down for the day, taking a break from last week’s driving force of the announcement of QE3 that will aid the American economy. The past four weeks grabbed the market’s attention of how Gold is thought of as a safe haven with a rise of over 9 percent. Silver showed an increase of 23 percent. Julian Jessop at Capital Economics said, “The price for the Precious Metal should benefit further from talk of unlimited money printing. But we do not think that is essential for it to reach new highs. Our forecasts place more weight on a revival of safe haven demand as the eurozone crisis flares up again.”
European Union memberships are declared once new members meet specific criteria, at which point they are able to join the single currency. This was once thought of as a positive and proud moment for nations, but with Europe still dealing with its financial woes, the process has become more of negative. For instance, the newest EU state to become fully integrated into the euro is Bulgaria, which recently announced it has indefinitely frozen plans to adopt the currency. Gemma Godfrey at Brooks MacDonald said, “Bulgaria's move to delay joining the euro is a slap in the face for the region, because the reasons for the delay not only highlight the current turmoil in the region but forecast that the political wrangling will only increase.”
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,762.40, Down $9.30.
- Silver, $34.24, Down $0.43.
- Platinum, $1,668.30, Down $46.40.
- Palladium, $680.70, Down $18.60.
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