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Morning Gold & Silver Market Report – 1/20/2012

EUROPEAN BANKS BRACE FOR CRISIS WORSE THAN 2008    

Precious metals are trading fairly flat, and U.S. stock futures are also pointing to an uneventful start to the trading day. European stocks were down for the first time this week as talks between Greece and its private creditors loomed. Many investors want to see progress in the talks before they commit more money to risky investments. The potential of Greece missing another bailout increased as talks broke down last week. The euro is trading lower, causing the dollar to appear stronger in contrast.

European banks appear to have a grim outlook on the situation in the eurozone, as many banks are stockpiling cash to protect themselves. The banks’ nervousness comes even after the European Central Bank eased monetary flow to banks to the tune of 489 billion euros. Bernd Hartwig of Nord/LB said, “The big concern is that things might get worse. Political decisions are taking too long, and most banks are building up liquidity just in case something happens. They are very worried that a new crisis could be bigger than (the crisis of) 2008.” Of course, the global economy is still reeling from the effects of the recession that hit in 2008.

Japan has joined the U.S. in its intent to cut purchases of Iranian oil to protest Iran’s nuclear ambitions. The Asian region accounts for more than half of all Iranian oil exports, so support from Japan was key in the protest. China previously rejected the U.S.-led sanctions. However, Premier Wen Jiaboa said this week that his country “adamantly opposes Iran developing and possessing nuclear weapons.”

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

  • Gold - $1,654.30 – Down $1.70.
  • Silver - $30.62 – Up $0.03.
  • Platinum - $1,521.10 – Up $2.10.
  • Palladium - $669.30 – Down $10.20.

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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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