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Closing Gold & Silver Market Report – 1/30/2012

CAN AUSTERITY COEXIST WITH GROWTH IN EUROPE?  

Precious metals prices have remained relatively steady this afternoon, as many analysts are looking for some resolution in the eurozone. With the boost Gold received from the Federal Reserve statement late last week, it still is viewed as being directly tied to what is going on in Europe. The main obstacle is the lack of resolution surrounding the Greece debt crisis. Credit Suisse analyst Tom Kendall said, “If the perception of risk related to that (the situation in Greece) increases, then you’ll probably see an acceleration of the flow of cash out of peripheral European countries, and some of that will undoubtedly make its way into Gold.”

European leaders have come to an agreement on a permanent rescue fund for the eurozone. That was the easy part, as 25 of the 27 European Union states agreed to back the German-inspired pact for budgetary discipline. The issue surrounds the ability to balance the necessary austerity measures with economic growth, which is the most crucial element. Without economic growth, there is no hope of climbing out of the financial hole, so to speak. The European Stability Mechanism (ESM) will be worth about 500 billion euros and will go into effect a full year ahead of the previous time frame of 2013. The ESM already is being criticized internationally as too small to truly handle the debt exposure. The Czech Republic joined with Great Britain in voting against this plan.

With the downgrade to France’s credit rating and French President Nikolas Sarkozy not guaranteed re-election despite German Chancellor Angela Merkel’s backing, interesting comments were put forth by Dutch Prime Minister Mark Rutte. The Netherlands continues to have a relatively high standing and is considered financially sound. That nation’s support is seen as key heading into France’s upcoming election uncertainty. The Netherlands has stepped up in the Greek debt crisis, as well. Rutte said, “What the Greeks have to do is show they are ready to implement the package. We can help Greece through this difficult phase, but then Greece has to execute all agreements they made with us.”

At 4:15 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,732.00 – Down $1.90.
  • Silver - $33.54 – Down $0.32.
  • Platinum - $1,615.30 – Down $8.70.
  • Palladium - $690.00 – Down $1.20.

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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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