Our Daily
Market Reports

Morning Gold & Silver Report – 1/16/2012

FIRST FRANCE, THEN AUSTRIA, ITALY, SIX OTHERS DOWNGRADED BY S&P   

Precious metals prices are rising this morning as last Friday’s credit rating downgrades add even more uncertainty to the eurozone debt crisis.

Standard & Poor’s (S&P) downgraded France’s AAA rating before markets closed Friday. Shortly after Friday’s close, the S&P also downgraded Austria’s AAA rating and downgraded Italy to the same level as Ireland. The credit ratings for six other eurozone nations were downgraded, as well. European markets opened lower Monday but are rebounding with very low volatility. The U.S. stock market is closed Monday.

Iran’s Foreign Ministry has confirmed it did receive a letter from the United States concerning the Strait of Hormuz. The United States is warning Iran not to take action to close the Strait of Hormuz. This strait serves almost one-fifth of the world’s oil demand. Iran, which is OPEC’s second-largest oil producer, has threatened to close the strait as retaliation on wider efforts to enforce oil embargos on Iranian oil exports. There has been no official Iranian response to the letter from the U.S.

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

  • Gold - $1,644.50 – Up $12.70.
  • Silver - $29.88 – Up $0.29.
  • Platinum - $1,497.90 – Up $10.10.
  • Palladium - $641.00 – Up $5.00.

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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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