Closing Gold & Silver Market Report – 2/14/2012
GREEK BAILOUT DECISION DELAYED AGAIN; SYRIA HEADED FOR ALL-OUT WAR?
Since the Mid-Day Gold & Silver Market Report, precious metals prices have climbed somewhat. Continued uncertainty over Greece’s debt bailout situation has buoyed the dollar, causing a corresponding drop in the price of Gold. However, one precious metals analyst said, “Significant macroeconomic and geopolitical risk and the appalling fiscal state of most major industrial nations means that Gold will almost certainly eke out further gains in all currencies in the coming months.” Prices for all four precious metals ended the day slightly down.
Finance ministers in the eurozone are not ready to make a decision on Greece’s bailout and will probably delay a meeting originally scheduled for Wednesday to discuss the matter, European officials said. As the details of Greece’s recent budget are scrutinized to verify it does meet the conditions required for monetary aid, one European official indicated that national finance ministry experts do believe they have the information needed to make a decision if the meeting were held tomorrow. However, they will instead wait until the beginning of next week. Even with a positive decision from the eurozone, Greece’s private creditors would still need to approve a separate debt agreement before any final bailout decision is made.
Residents in Syria said they believe that their country is headed for an all-out war. As the siege on the city of Homs intensified today, opposition groups said that the Syrian government initiated attacks in other cities throughout the country that left many dead. One opposition activist said, “They are shelling randomly. Why? I don’t know.” The Syrian Observatory for Human Rights also stated that shelling was increased today. Arwa Damon with CNN said, “Everyone we’ve been talking to ... believes that the country is heading toward, or already is in, a full-blown war, and recovering from that is going to be incredibly challenging.”
At 4 p.m. (CST), the APMEX precious metals spot prices were:
- Gold - $1,721.30 - Down $2.60.
- Silver - $33.65 - Down $0.12.
- Platinum - $1,634.40 - Down $16.30.
- Palladium - $689.00 - Down $10.60.