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Mid-Day Gold & Silver Market Report 2/8/2012

ANALYSTS PREDICT $1,880 FOR GOLD; GREEK CITIZENS FED UP  

The Gold price has continued to drop since this morning. A major factor driving Gold down is the ongoing impasse between the Greek government and the European Union in efforts to reach an agreement on monetary spending restraints so Greece can receive its second bailout package. However, Gold has been performing well recently. Gold’s rally has been an indication that investors are not particularly interested in holding fiat paper currency. Historically, Gold prices have been controlled by three main factors: currency hedging, jewelry demand, and central bank purchasing. Central banks have historically been sellers of Gold, but they began buying Gold in 2010 to build reserves to protect currencies. There is no guarantee that central banks will become net sellers of Gold in the near future, which provides upward support for Gold’s price and demand. The demand for the yellow metal is increasing globally, which has led some analysts to predict a general uptrend in the Gold price. Trader and author Daryl Guppy said the Gold price may rally outside of its normal trading channel and touch $1,880 this year, but that price likely would not be part of a sustainable trend.

The citizens of Greece are frustrated that their country’s financial problems have not been resolved. A Greek news website posted an open letter to Prime Minister Lucas Papademos. It said, “End this water torture. Greeks cannot any longer stand this torment of constant insecurity that is destroying the country and hurting our national dignity. The prime minister must end this endless bargaining that demeans the country and its citizens.”

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

  • Gold - $1,735.20 – Down $11.60.
  • Silver - $34.03 – Down $0.24.
  • Platinum - $1,668.30 – Up $12.50.
  • Palladium - $717.100 – Up $6.90.

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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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