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Morning Gold & Silver Market Report – 2/10/2012

GREEK SAGA CONTINUES; GOLD, SILVER SHARPLY LOWER  

For weeks now, we have seen a similar pattern emerge in both the equity and precious metals markets. If it looks like a Greek debt deal is about to get done, Gold and Silver prices go up. If news comes out indicating it may not get done, Gold and Silver prices go down. Today, Gold, Silver and equity futures were heading lower as this yo-yo action continues. Yesterday, a deal looked imminent. Today, eurozone finance ministers demand Greece make even more cuts in order to get a bailout. Investors should stay tuned, because this can all turn on a dime; if it does, there could be sharp movement in prices.

According to the International Energy Agency (IEA), the sanctions on Iran already are diminishing oil flows even though the European bans on Iranian oil do not take place until July. The IEA reports, “International sanctions targeting Iran’s existing oil exports do not come into effect until July 1, but they are already having an impact on crude trade flows in Europe, Asia and the Middle East.” It appears that those countries that have been buying Iranian oil already are looking to alternative suppliers. Iran may be forced to place unsold oil in storage and possibly shut down production in the second half of the year.

Is it likely that Israel will bomb Iran this year? Alastair Newton, senior political analyst at Nomura, would answer yes. “I’ve long taken a view that sooner or later, if push comes to shove, Israel will bomb Iran,” Newton said. “I am getting a little more concerned this year, not because of the rhetoric but because of the facts on the ground.” Newton sees Israel’s political leaders as preparing for an early general election that would see incumbent, Prime Minister Benjamin Netanyahu, comfortably elected. This does give Israel a window of opportunity ahead of U.S. elections to launch an attack.

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

  • Gold - $1,711.90 – Down $28.30.
  • Silver - $33.45 – Down $0.52.
  • Platinum - $1,642.10 – Down $26.50.
  • Palladium - $697.30 – Down $15.10. 

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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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