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Morning Gold & Silver Market Report – 1/3/2012

IRANIAN THREAT AND NUCLEAR ACTION SPURS GOLD DEMAND

Precious metals are trading higher this morning amid New Year optimism in global markets.  Asian stocks were boosted by an improvement in Chinese manufacturing activity, and a decrease in jobless numbers in Germany supported European stocks.  A key manufacturing index will be released in the U.S. this morning, and minutes from the December 13 Fed meeting will be released this afternoon.

Gold and Silver are up partly thanks to a weak U.S. dollar.  Analysts from Merrill Lynch said that they “believe the high cost structure of the global gold sector should provide support” to the price of the metal.  They also noted that they expect the price of gold to average $1,850 an ounce in the coming year.  News that Iran produced its first nuclear rod brought about some safe haven buying of gold.  Gnanasekar Thiagarajan of Commtrendz Risk Management Services Pvt. said, “Iran’s nuclear plans have raised fears that it is getting desperate and will take some drastic step.  More sanctions are expected from the U.S. and other nations.  This will have a positive impact on gold prices as ideally people would try to buy gold.”

As the U.S. hit Iran with more sanctions, the Middle-East country threatened the United States Navy that an aircraft carrier that departed the Gulf should not return.  The carrier left the Gulf area due to Iran’s naval exercises, and Iran expressly stated that it will take action if the carrier returns.  Iranian army chief Salehi said, “I advise, recommend, and warn [the U.S.] over the return of this carrier to the Persian Gulf because we are not in the habit of warning more than once.”

At 8:02 a.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,592.20 – Up $24.20.
  • Silver - $28.79 – Up $0.81.
  • Platinum - $1,408.00 – Up $5.10.
  • Palladium - $665.50 – Up $8.40.

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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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