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Mid-Day Gold & Silver Market Report – 1/5/2012

IS IRANIAN THREAT SERIOUS?   

Precious metals prices have been a relative mixed bag since this morning. Gold and Silver prices are on the rise, while Platinum and Palladium prices seem to be falling due in large part to less than stellar auto sales in India. In a note to investors, Credit Suisse said, “In the very near term, it will be important whether Gold can close the week above $1,600. If the market succeeds, it would be a good harbinger for trading over the next few weeks.”

A watchful eye is in place over the seriousness of Iranian threats. Iran can most certainly close the Strait of Hormuz in as little as a few hours. However, no one believes Iran can hold the strait for more than a few days. Those days, though, are seen as the potential key in the threats being levied. Such a closure could send oil prices through the roof, which would be a serious speed bump in the drive toward a global economic recovery. The Iranian actions are viewed as saber-rattling in hopes of avoiding financial sanctions, set to take place later this year. Nikolas Gvosdev, a professor of national security studies at the U.S. Naval War College, said that Iran “can cause a great deal of mischief. … But it depends how much pain they are willing to accept. … They are much more likely to threaten than to act.”

At 12:06 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,618.40 – Up $4.70.
  • Silver - $29.42 – Up $0.25.
  • Platinum - $1,417.10 – Down $8.20.
  • Palladium - $645.60 – Down $8.90.

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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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