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Morning Gold & Silver Market Report – 9/12/2011

CONCERNS OVER EUROZONE HAVE INVESTORS CASHING IN

Precious metals dipped in overnight trading, as gold’s mostly-negative correlation to the dollar held true.  The dollar is still strengthening thanks to concerns over the debt situation in Europe, which is also bringing global stocks and U.S. stock futures down.  A strategist from City Index believes that the U.S. markets will follow Europe’s markets leading up to next week’s Federal Open Market Committee meeting.  Investors await a show of support from the Federal Reserve, and that could be the time it is given.

Concerns in Europe are set up like dominoes.  There were rumors that Greece would default on its debt this past weekend.  While that didn’t happen, the issues in Greece are well-known.  French banks are at risk of a credit-rating downgrade by Moody’s due to their exposure to Greek debt.  Germany’s finance ministry is planning to support its major banks in the event Greece defaults.  Friday’s resignation of the European Central Bank’s Chief Economist, Juergen Stark, has a place in the situation also.

It’s not a rare occurrence to see gold dip after large losses in equities.  Many investors will “cash in” their insurance policy of gold to make up for losses they’ve sustained in the stock market.  Bloomberg reports that gold is up 30 percent this year, and it has outperformed stocks on a global scale, as well as commodities and Treasuries.  Edel Tully of UBS AG wrote that a stronger dollar could hold gold back, however, “gold should benefit from the scaling back of risk appetite on what appear to be rising fears of a Greek default, contagion to the rest of the periphery, and the impact on banks.”

At 8:00 am (CT) the APMEX precious metals spot prices were:

  • Gold - $1,840.60 – Down $20.90.
  • Silver - $40.73 – Down $0.96.
  • Platinum - $1,817.30 – Down $21.60.
  • Palladium - $725.70 – Down $12.90.

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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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