PRECIOUS METALS PRICES REMAIN INTACT WITH TODAY’S TRENDS
Precious Metals prices have held their ground in a battle with a stronger U.S. dollar and a weaker euro today. The day began with violent protests in Madrid and Athens over undesirable austerity measures, all while the European financial crisis continues. This action pushed the euro and Gold down, which gave the U.S. dollar a hefty boost. Ole Hansen at Saxo Bank explains why the price adjustment for Gold was essential, saying, “My feeling is that buyers will be lurking in the wings and this move was necessary to establish proper support following the run higher. With the excitement over quantitative easing disappearing fast, it is left to stand on its own feet, and with the headwind from a stronger dollar, it will be exciting to watch indeed."
Czech President Vaclav Klaus has strong beliefs that the euro can handle the exit of one or more countries without devastating the foundation of the monetary union. Klaus said, “I don’t think the euro as a currency disappears. The issue is whether all of the 17 countries and potentially a few others should be or will be in this system or not.” The euro had a steady decline today as investors confirmed their negative sentiment toward Spain and Greece not growing into healthy economies in the near future.
At 5:11 pm (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1754.10, Down $11.30.
- Silver, $34.02, Up $0.06.
- Platinum, $1636.60, Up $3.80.
- Palladium, $629.80, Down $11.10.
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