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Mid-Day Gold & Silver Market Report – 1/27/2012

FITCH RATINGS DOWNGRADES FIVE EURO NATIONS   

Precious metals prices have rebounded off this morning’s lows, continuing the upward trend of prices over the past few days. The Federal Reserve’s ultra-loose monetary policy as well as the recent announcement of further downgrades of European nations by Fitch Ratings, in conjunction with downgrades from Standard & Poor’s a couple of weeks ago, has boosted the appeal of Gold during this economic uncertainty. In a note to its investors, UBS said, “The market attitude towards Gold for most of January could be summed up in two words: cautious optimism. Investors were reluctant to add to positions aggressively as memories of the disappointment in Q4 lingered. … More accommodative policy is a very good foundation for Gold to build on the next move higher.

Fitch Ratings announced that it was joining the opinion of S&P and downgrading the credit ratings of at least five countries: Belgium, Cyprus, Slovenia, Spain and Italy. Ireland had its rating reaffirmed. The outlook for all countries is negative. France’s outlook is lowered, as well, but its  AAA rating has not been lowered.

At this point, the only possible outlook that the U.S. views as feasible in the ongoing European debt crisis is increasing the financial protection provided to eurozone nations. A key part to any initiative involves supporting the International Monetary Fund and the financial institutions, or firewalls, that provide such support. U.S. Treasury Secretary Timothy Geithner spoke on the subject today, saying, “Our view is that the only way Europe is going to be successful in holding this together is for them to bring a stronger firewall, and that is going to demand a bigger commitment. … If Europe is able and willing to do that, we believe the IMF is ready to play a constructive role. I think you'll see the IMF (be) very supportive in those efforts but not as a substitute for blocks to resolve the sovereign debt crisis (that) are gradually fitting into place.”

At 12:11 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,734.30 – Up $5.90.
  • Silver - $33.87 – Up $0.06.
  • Platinum - $1,625.00 – Up $7.20.
  • Palladium - $691.00 – Down $4.50.

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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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