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Closing Gold & Silver Market Report – 3/12/2012

MARKETS SLIP ON CHINESE DEFICIT NEWS; THIRD GREEK BAILOUT HINTED

Precious metals prices have generally held steady since the Mid-Day Gold & Silver Market Report, with Gold, Silver, and Platinum experiencing slight gains since noon. Only Palladium dipped further in afternoon trading. Prices for precious metals and stocks were down today in response to data released by the General Administration of Customs that showed China had a deficit of $31.48 billion last month in comparison to its $27.28 billion surplus in January. In a note to clients, a TD Securities analyst said, “The deficit was four times the recent largest deficit and adds to fears of slowdown, leading the bank (People’s Bank of China) to weaken the yuan and lifting expectations of further near-term monetary easing as inflation has fallen back significantly.” China’s history as one of the world’s largest purchasers of Gold is critical when gauging demand for the yellow metal.

A former official with the International Monetary Fund said an IMF meeting scheduled for later this week will include discussion of a third Greek bailout. During an interview with CNBC today, John Lipsky, a former first deputy managing director of the IMF, said, “There is a program that has been discussed and is up for agreement and approval,” in response to a question about the possibility of another bailout for Greece. Lipsky also said that Europe would experience either a recession or flat economic growth in the future. That flat growth would be in line with the IMF’s current global forecast.

At 4:10 p.m. (CDT), the APMEX precious metals spot prices were:

  • Gold - $1,702.00 – Down $10.50.
  • Silver - $33.68 - Down $0.55.
  • Platinum - $1,697.00 - Up $11.10.
  • Palladium - $702.50 - Down $7.40.

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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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