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Mid-Day Gold & Silver Market Report – 1/9/2012

ANALYST: STOP FOCUSING ON GOLD IN THE SHORT TERM

Since this morning’s Gold & Silver Market Report, Gold is trading slightly lower in price, while Silver, Platinum and Palladium prices are stable. As expectations look cynical with inflation rising internationally and declining global economic growth, investors are looking for a safe-haven investment. Sundeep Sikka, with Money Manager (India) Inc., said, “The current global macroeconomic environment is very conducive for higher Gold prices. The fundamental outlook for Gold remains extremely bullish and paints a rosy picture for Gold bulls.” This sentiment was echoed by Frank Holmes of U.S. Global Investors, who said, “People get so caught up with the next three minutes for Gold, and they should really be focused on the next three years. Does anyone really believe in the long-term strength of the U.S. dollar? … We’re just going to have to live with this volatility for another 12 months.” Holmes said the Gold price could double within the next five years.

German Chancellor Angela Merkel and French President Nicolas Sarkozy met today primarily to discuss Greece’s unresolved debt issues. The announcement was made that Greece would not receive its second bailout package (which would prevent a debt default in March) until Greece reaches an agreement with creditor banks on a bond swap. “We must see progress on the voluntary restructuring of Greek debt,” Merkel told a joint news conference. “From our point of view, the second Greek aid package including this restructuring must be in place quickly. Otherwise it won’t be possible to pay out the next tranche for Greece.” 

At this point in Sarkozy’s political career, economists are predicting, and French polls are suggesting, that he will be pushed out of his current role and replaced with Socialist Francois Hollande. Sarkozy’s nontraditional decision-making is not favored by the citizens of France. This, as well as the threat of a possible downgrade in France’s triple-A credit rating, is hurting his chance of being re-elected. French economist Jacques Delpla said, “It won’t be Merkozy anymore. It will be Angela Merkel and (International Monetary Fund chief) Christine Lagarde dictating policy in Europe. The next French president, whether its Hollande or Sarkozy, won't have many options. The deficit will need to be cut, taxes increased and spending cut.”

At noon, the APMEX precious metals spot prices were:

  • Gold - $1,613.60 – Down $4.20.
  • Silver – $29.01 – Up $0.25.
  • Platinum - $1,425.70 – Up $18.50.
  • Palladium - $619.00 – Up $4.00.

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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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