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Mid-Day Gold & Silver Market Report 2/14/2012

MOODY’S KEEPS WATCH ON U.K., FRANCE  

As the euro fell this morning, so did the price of Gold with the news that Moody’s credit rating agency may begin another round of credit rating downgrades in France and the United Kingdom. Lately, Gold has been more sensitive in price with moves in the euro/dollar exchange rate in the short term. In the past, Gold prices have been driven by rising risk aversion. HSBC stated, “In the short term, Gold looks hostage to swings in investor risk sentiment regarding the euro and the eurozone sovereign debt situation, in which the focus is centered largely on Greece.” 

German investor confidence soared to a surprising 10-month high in February, according to the index compiled by the ZEW Center for European Economic Research. The function of this report is to predict the economic growth six months in advance, and with the current forecasts, Germany seems to be back on track. Annalisa Piazza at Newedge Group in London said, “The outcome is a positive surprise. Signs that the euro-area economy is stabilizing, rather than collapsing as some have feared, and hopes of a resolution of the debt crisis seem to have supported economic sentiment.”

For the first time, the triple-A rating of Britain has been threatened by Moody’s. The credit rating agency also forewarned France and Austria about their triple-A ratings. Moody’s stated it was worried about Europe's ability to undertake the reforms needed to address the crisis and the amount of funds available to fight it. It also said the region's weak economy could undermine austerity drives by governments to fix their finances. “This is proof that, in the current global situation, Britain cannot waver from dealing with its debts,” Finance Minister George Osborne said. “This is a reality check for anyone who thinks Britain can duck confronting its debts.”

At 12:05 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,715.70 – Down $8.20.
  • Silver - $33.49 – Down $0.28.
  • Platinum - $1,629.60 – Down $21.10.
  • Palladium - $687.00 – Down $12.50.

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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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