GOLD & SILVER REBOUNDING OFF MORNING DIPS
Friday’s disappointing corporate earnings drove stock prices down more than 200 points and took Gold prices down 1.8 percent as investors sought the safety of the U.S. dollar. This morning, the U.S. dollar is down allowing Gold prices to move up off morning lows. Gold may also be getting support out Europe, as Spain’s Prime Minister appears to be getting support for proposed austerity measures. This has bolstered the euro, thus putting more downward pressure on the U.S. dollar.
The euro did edge up higher after the results of Spain’s regional elections came in. The party of Spanish Prime Minister Mariano Rajoy managed to hang on to power in his home region. This is seen as an important victory as it would indicate support for the wide spread austerity measures proposed by Prime Minister Rajoy. There is still a great deal of investor frustration that Spain has not requested a bailout from the European Central Bank. This win will stabilize the euro for the meantime, but the question is for how long?
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,726.00, Up $1.90.
- Silver, $32.26, Up $0.15.
- Platinum, $1,608.50, Down $4.50.
- Palladium, $625.20, Up $1.20.
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