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Mid-Day Gold & Silver Market Report – 2/6/2012

WILL GLOBAL FEARS SPARK GOLD RALLY TODAY?

Precious metals prices have begun to rally off morning lows on growing global economic and geopolitical fears. The Greek debt fears and rising tensions in the Middle East involving Syria and Iran are boosting the safe-haven appeal of precious metals. Gold is being bought by emerging-market central banks as a means to protect their economies from foreign sovereign debt risk exposure. Meanwhile, physical demand remains high following the price drop over the weekend. RBS analyst Nikos Kavalis said, “It's been a bit of a roller coaster, the relationship between Gold and the euro. One day it’s positive, one day it’s negative. … For the time being, we see Gold over the next few months appreciating with other commodities. … Risk in the market is one of the supporting factors, but the monetary policy outlook is really the key factor.”

European leaders are increasing the heat on Greece to come to a resolution on their debt crisis and fulfill the requirements for that nation’s bailout. French President Nicolas Sarkozy and German Chancellor Angela Merkel have a meeting set today, while Greece’s interim prime minister is set to meet with international lenders today, as well. Greek political leaders are struggling to provide a unified message. Once the measures are agreed upon, a new election is being pushed by the Greek party opposed to the bailout. Greece is still very much a dicey situation, but a resolution is expected, at least by Sarkozy, who said, “An agreement has never been so close, neither for private nor public creditors. … We have to conclude it. We can’t imagine there won’t be an agreement.”

The issues with Syria continue to have large global political overtones, as Russia and China continue to oppose any steps by the West to remove Syrian President Bashar al-Assad. This is a very touchy situation, as the Russians view these steps as a Western attempt to remove a strong Middle Eastern ally in Assad so as to isolate Iran. According to reports by the People’s Daily in China, “Currently, the situation in Syria is extremely complex. Simplistically supporting one side and suppressing the other might seem a helpful way of turning things around, but in fact it would be sowing fresh seeds of disaster.” The U.S. and France have opposed the position taken by Russia in particular. U.S. Secretary of State Hillary Clinton criticized Russia’s veto of a United Nations resolution supporting Assad’s ouster, calling it a travesty. Her view was supported by French Defense Minister Gerard Longuet, who said, “There are political cultures which deserve a kick. … To accept that a dictator can operate freely is disgraceful for governments that accept it.”

At 12:24 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,723.30 – Down $15.50.
  • Silver - $33.81 – Down $0.01.
  • Platinum - $1,631.00 – Down $1.90.
  • Palladium - $706.80 – Down $3.10.

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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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