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Mid-Day Gold & Silver Market Report – 2/2/2012

GOLD, PLATINUM UP MORE THAN 10% IN 2012; PORTUGAL NEXT FOR BAILOUT?  

All precious metals are still in positive territory, as they were earlier this morning. Gold has risen close to 12% this year alone for several reasons. China’s demand in the retail sector is more than 50% greater than last year. India, the world’s largest Gold-buying country, increased its Gold consumption when its currency became stronger. There also is greater demand from Asia. Anne-Laure Tremblay at BNP Paribas said, “Gold’s fundamentals are strong, and the recent rebound in risk appetite has encouraged investors to come back to the market or add to their existing positions.” Platinum has had a phenomenal increase of 16% since the end of December thanks to a higher demand and production in the automotive industry. In a note, Commerzbank stated, “On an annualized and seasonally adjusted basis, 14.13 million vehicles were sold in January, almost 12 percent more than in the previous year.”

The new fear is that Portugal will be next in line to receive a bailout once Greece’s debt issues have been resolved. Edward Hugh, an economist in Barcelona, said, “It’s most likely that Portugal will say that it wants one of those, too.” Portugal “literally has nothing further to lose, except some of its debt burden.” Lisbon, Portugal’s largest city, is required to repay 9 billion euros of debt in September 2013.  Francesco Franco, a professor at the Nova School of Business and Economics, said, “The Greek deal, if successful, is seen as an alternative template.” There is hopeful news for Greece with Feb. 6 being the date set by the eurozone to have an agreement in place. Regarding Europe’s progress in preventing a Greek default, European Union Economic and Monetary Affairs Commissioner Olli Rehn said, “We are very far in the negotiations, and we should be able to close them in the coming days.”

U.S. Federal Reserve Chairman Ben Bernanke spoke to Congress today about heightened concerns involving U.S. economic growth. Bernanke told the House Budget Committee, “Having a large and increasing level of government debt relative to national income runs the risk of serious economic consequences. Over the longer term, the current trajectory of federal debt threatens to crowd out private capital formation and thus reduce productivity growth.”

At noon (CST), the APMEX precious metals spot prices were:

  • Gold - $1,756.90 – Up $8.90.
  • Silver - $34.00 – Up $0.12.
  • Platinum - $1,632.50 – Up $8.30.
  • Palladium - $708.40 – Up $10.70.

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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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