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Mid-Day Gold & Silver Market Report – 2/9/2012

GREEK ODYSSEY GETTING OLD; IRAN TRADES GOLD FOR GOODS  

Precious metals prices have been on the rise as news continues to trickle out that Greece has reached a bailout deal, causing the euro to rise and the dollar to drop, enhancing the value of Gold. However, happiness with the deal will play a large part in the outcome for Gold. MLV & Co. senior research analyst Rick Trotman said, “If everyone is really happy with it, Gold could trade down. But if it looks good, then Portugal will decide to step up to the plate, as well, hoping to get a really good deal, and Gold would trade up on that.”

The passing of the draft of austerity measures is seen as a boost to current Greek economic condition. A statement by Greek Prime Minister Lucas Papademos is expected soon. A few haggling points remain, but they are not seen as deal-breakers. Currency strategist John Doyle said, “Some traders are tired of the Greek odyssey. … A lot of people are looking forward to getting past the Greek deal every day and focusing back on fundamentals, which are diverging between the U.S., U.K., and Europe. The whole European debt crisis is not going to be solved today, and we have to focus on other things like Portugal. And the big one this year continues to be Italy.” Italy’s progress under Prime Minister Mario Monti continues to astound most economists. There is hope his two-day visit to New York and Washington will alleviate investor concerns. However his efforts are garnering praise in the U.S. In an interview, President Barack Obama said “Under Prime Minister Monti’s leadership, Italy is now taking impressive steps to modernize its economy, reduce its deficit through a combination of revenue and spending measures, and put the country back on the path toward growth.”

Iranian sanctions have begun to take hold as that country searches for alternative means to pay for goods as a means to bypass financial sanctions. Iran is not able to secure financing for goods that are dollar or euro denominated. Iran has a history with sanctions and has used alternative methods of financing, but those methods are no longer available. Grain continues to be in short supply to Iranians. A trader in Iran said, “Grain deals are being paid for in Gold bullion, and barter deals involving oil are being offered.”

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

  • Gold - $1,740.90 – Up $10.50.
  • Silver - $34.05 – Up $0.30.
  • Platinum - $1,668.50 – Down $0.60.
  • Palladium - $712.00 – Down $4.90.

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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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