SAFE-HAVEN APPEAL BOOSTS GOLD PRICE
Precious Metals prices are rebounding from two-week lows this morning, with Gold especially buoyed by its safe-haven appeal. While the problems in Europe seem to be increasing, putting further pressure on the euro, investors are looking for that safe haven to protect their investments. Mining strikes in South Africa continue to bolster the physical demand of the metal, as well. One analyst, Bayram Dincer of LGT Capital Management, said, “Investors and consumers are adapting to higher Gold prices and will take advantage of any price dips. The spotlight is still on quantitative easing and how that benefits Gold.”
Protests on the streets of Spain have intensified as the country is set to roll out economic reforms along with its new budget. Prime Minister Mariano Rajoy said, “We know what we have to do, and since we know it, we’re doing it. We also know this entails a lot of sacrifices distributed… evenly throughout the Spanish society.” His words, and the measures he intends to enact, are not enough to soothe all dissenting voices. One member of parliament said, “On paper they can make it all add up, but it will be hard to make the budget credible given all the reasonable doubts on the deficit target. It will be really tough to make the markets buy it.”
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,764.40, Up $11.90.
- Silver, $34.33, Up $0.39.
- Platinum, $1,656.10, Up $20.70.
- Palladium, $635.50, Up $9.70.
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