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Morning Gold & Silver Market Report – 1/5/2012

ANALYST ‘OFFICIALLY BULLISH’ AGAIN ABOUT GOLD    

U.S. stock futures are set to open lower amid refreshed concerns in Europe, but stocks were buoyed somewhat by positive news from the Automatic Data Processing, Inc., National Employment Report and the weekly jobless claims report. Precious metals prices are slightly lower, but Dennis Gartman of the Gartman Letter changed his view on Gold, becoming “officially bullish” again. He wrote, “The bear run that began in August has now officially ended.” While Gartman is optimistic regarding Gold, some differing views exist for today’s trading as the U.S. dollar is strengthening against a weak euro.

Bond yields in France rose at its first auction of the year. Fitch Ratings’ threat to downgrade the country from it’s AAA status is seen as weighing on the demand for French long-term debt. Prices on 10-year yields are in line with others, however, and Michael Leister of DZ Bank said, “Overall it’s a pretty solid auction … (though) it’s nothing to get excited about. But at the same time, it should be enough to dispel concerns with regards to France’s funding capacity for the time being.”

Geopolitical tension is one of the biggest factors in Gold’s appeal as a safe-haven asset. This was apparent during the past 13 months, with the start of the Arab Spring that spread to Tunisia, Egypt, Libya, Bahrain, Yemen, and others. Now, there are many other situations at play. Iran is threatening to close the Strait of Hormuz and threatened the U.S. Navy over returning an aircraft carrier to the Persian Gulf. The plot is thickening in Syria, where activists claim that Syrian authorities are breaking promises to the Arab League by not taking troops off the streets. Authorities told Arab League monitors that they would be withdrawing troops and taking armored vehicles off the streets, but Rami Abdelrahman, head of the British-based Syrian Observatory for Human Rights, said, “We are not seeing the release of detainees or the true removal of a military presence from the streets.”

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

  • Gold - $1,606.00 – Down $7.70.
  • Silver - $28.97 – Down $0.21.
  • Platinum - $1,419.00 – Down $5.30.
  • Palladium - $649.30 – Down $5.30.

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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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