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Morning Gold & Silver Market Report – 1/11/2012

POTENTIAL EURO COLLAPSE SEEN AS ‘CATACLYSMIC’; BOMB KILLS IRANIAN SCIENTIST  

After yesterday’s supposed optimism regarding the European debt crisis, U.S. stock futures are now following European stocks down. Fitch Ratings said the European Central Bank needs to do more to help Italy, the next big eurozone country seemingly in danger of default. The head of sovereign ratings for Fitch, David Riley, described a potential collapse of the euro as “cataclysmic.” This afternoon, markets may react to the release of the Federal Reserve’s Beige Book of economic anecdotes.

Gold is breaking the recent trend of following the euro’s movements against the U.S. dollar, likely thanks to safe-haven investment demand stemming from the renewed jitters in Europe. In China, Gold imports from Hong Kong have climbed to a record high on investment demand. China bought nearly 103,000 kilos from Hong Kong in November alone. Tao Jinfeng of Haitong Futures Co. said, “China’s appetite for Gold is very strong and growing. The few months before the Lunar New Year is typically the peak demand period for Chinese people.” Jan. 23 will mark the beginning of that Chinese holiday.

Tensions continue to grow in Iran as one of the country’s nuclear scientists was killed by a car bomb. Iran immediately blamed Israel for the attack. The bombing comes as sanctions are being toughened on Iran because of its nuclear program. No one has immediately claimed responsibility for the attack. However, Israel’s military chief of staff said that more “unnatural” events can be expected this year if Iran continues along its path of nuclear development. U.S. Secretary of State Hillary Clinton said Iran’s move to enrich uranium is “especially troubling. This step once again demonstrates the Iranian regime’s blatant disregard for its responsibilities and that the country’s growing isolation is self-inflicted.”

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

  • Gold - $1,641.00 – Up $8.50.
  • Silver - $29.88 – Down $0.02.
  • Platinum - $1,493.80 – Up $30.20.
  • Palladium - $641.40 – Up $5.20.

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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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