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Morning Gold & Silver Market Report – 1/10/2012

GOLD PULLS DOUBLE DUTY AS COMMODITY, SAFE HAVEN   

Precious metals and U.S. stock futures are rallying this morning, taking a cue from global markets. Recent data from China show an increase in its trade surplus for December, with expectations being met on export growth, while import growth declined sharply. China often is seen as a major key in a global economic recovery, and analysts from Barclays Capital said, “The data support our view that the Chinese economy remains on track for a soft landing, with external weakness continuing to pose the biggest downside risk.”

One reason for the market rally is optimism from Europe that policymakers in that region are taking steps to resolve the debt crisis. There is also renewed optimism that the U.S. economy will be able to withstand the fallout from the crisis. At this moment, investors are viewing Gold as both a commodity and as a safe-haven investment, said Sun Liying of China International Futures Co. Liying also said that “market sentiment about Europe’s debt crisis and movements in the U.S. dollar will drive Gold in the near term.”

New developments have surfaced from what seems to be the two most pressing geopolitical current events. In Syria, President Bashar al-Assad gave his first public address since June. Burhan Ghalioun, head of the opposition Syrian National Council, believes the speech was dangerous, as Assad “insisted on using violence against our people, considered the revolution a terrorist conspiracy and thus undercut any Arab or non-Arab initiative to find a political solution to the crisis.” Also, the U.S. and its allies are looking to impose stronger sanctions on Iran due to that nation’s nuclear ambitions. China seems to be caught in the middle of this dispute as Iran’s top trade partner. Hua Liming, former ambassador to Iran, said, “Iran will expect China to support its interests at the U.N. and other international circumstances, while the U.S. will exert tremendous pressure on China and use the Iran issue to judge if China is a ‘responsible’ major power.”

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

  • Gold - $1,638.20 – Up $29.10.
  • Silver - $30.20 – Up $1.34.
  • Platinum - $1,467.00 – Up $38.40.
  • Palladium - $643.50 – Up $24.60.

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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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