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Morning Gold & Silver Market Report – 1/31/2012

GOLD, EURO HIGHER, BUT SO IS EUROZONE UNEMPLOYMENT

Gold is trading higher this morning, tracking the euro, which is benefitting from fresh hopes on a resolution to Greece’s debt crisis and the new EU fiscal unity treaty.  The euro may also be reacting to positive news out of Germany, where unemployment levels reached a 20-year low in January.  Germany’s economic expansion has helped soften the blow from the eurozone’s broader weakness.  In fact, eurozone unemployment as a whole increased to 10.4%, the highest rate in the history of the EU.  “The upward trend in eurozone unemployment is dampened by developments in Germany,” said Martin van Vliet of ING Group.  “Elevated unemployment rates in Southern Europe … reflect the pain inflicted by draconian austerity programs.  The high and rising unemployment rates in the periphery cast a dark cloud over growth prospects.”

The Case-Shiller report showed that house prices slid by 1.3% in November, with a 3.7% slide year-on-year.  While the housing market seems to be improving, which is a good sign for the economy, most homeowners are not seeing any part of that with the sliding prices, which are now down to mid-2003 levels.  Precious metals added to gains on the news.

Pressure on Syrian President Bashar al-Assad is mounting from the U.N.  The uprising in Syria has endured for 10 months, and Western and Arab diplomats are calling for Assad to step down.  Leading the case to the U.N. is U.S. Secretary of State Hilary Clinton, French Foreign Minister Alain Juppe, and Britain’s William Hague.  The key in the resolution is Russia, however.  If Russia vetoes it, the resolution would not pass.  A senior Russian diplomat said, “The Western draft Security Council resolution on Syria will not lead to a search for compromise.  Pushing it is a path to civil war.”  Many would argue that the uprising is essentially already a civil war.

At 8:17 a.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,747.40 – Up $14.60.
  • Silver - $34.03 – Up $0.44.
  • Platinum - $1,629.40 – Up $12.10.
  • Palladium - $695.50 – Up $6.00.

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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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