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Morning Gold & Silver Market Report – 3/6/2012


Precious metals prices were down this morning, driven primarily over the growing economic concern over the debt resolution steps being taken in Greece, causing the euro’s value to drop. Oil prices are on the rise as well, due to Middle East instability, but safe-haven appeal of precious metals is being influenced by exchange rate issues this morning. Analyst David Wilson said, “Gold this year has been driven by exchange rate mechanisms. … At some point, if confidence over Europe evaporates, you would think that should be positive for Gold, but you still have to keep an eye on the dollar-Gold trade-off.”

President Barack Obama and Israeli Prime Minister Benjamin Netanyahu met in Washington on Monday. Some agreements emerged, but Netanyahu did not agree to hold off possible military strikes against Iran, even though such a decision has not been made. The two leaders did agree to see how financial sanctions would work against Iran. Obama said that the U.S. “has Israel’s back.” However, Netanyahu took a more forceful tone, saying, “None of us can afford to wait much longer. As prime minister of Israel, I will never let my people live in the shadow of annihilation.” Some analysts, like Marc Faber, view military conflict as an almost foregone conclusion. He said, “Political risk was high six months ago and is higher now. I think sooner or later, the U.S. or Israel will strike Iran — it’s almost inevitable. … Say war breaks out in the Middle East or anywhere else; Mr. Bernanke will just print even more money — they have no option. … They haven't got the money to finance a war. … You have to be in precious metals and equities. … Most wars and most social unrest haven’t destroyed corporations; they usually survive. … If you can’t live with volatility, stay in bed.”

Greek private creditors basically have until Thursday night to agree to the bond swap initiative to put Greece on more stable financial ground. If the plan is not agreed to, it could kick in collective action clauses (CACs), which basically requires creditors holding 90 percent or more of the debt to take the swap, effectively getting their haircut. If less than 75 percent of the private creditors do not agree to the swap, then the CACs would kick in. Analyst Gary Jenkins said, “Obviously the report is written on a worst-case basis to try and encourage participation in the exchange. … The most likely outcome may well be that Greece passes its 75 percent target and then uses CACs to ensnare the remainder.”

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

  • Gold - $1,679.90 – Down $24.80.
  • Silver - $33.02 – Down $0.71
  • Platinum - $1,619.60 – Down $44.00.
  • Palladium - $673.00 – Down $34.00.

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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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