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Mid-Day Gold & Silver Market Report 3/22/2012

CRUDE OIL PRICES FALL; CONTAGION FEARS GROW FOR EUROZONE  

Precious metals prices remain down across the board following this morning’s trading. Indications of slowing growth in China and Germany strengthened the U.S. dollar, which pushed the price of Gold down. The Gold price traditionally moves opposite of the U.S. dollar. Crude oil prices continued to fall today. Gerrit Zambo at Bayerische Landesbank said, “There is no motivation for buying. People are becoming a bit cautious because it is more or less clear that Iran doesn’t want to get into war with anyone, and talk of releasing strategic stocks is bearish.”

The Purchasing Managers Index (PMI) readings from France and Germany show the eurozone is heading backward into a recession. The PMI rating is based on a 100-point scale, with 50 being the divider between growth and contraction. The PMI for February dropped to 48.7 from 48.78. “What this morning’s data highlight is the knife-edge that the eurozone is operating on, with even the core countries struggling to grow at a sufficient pace to compensate for the ongoing recessions in several peripheral nations,” Simon Smith at FxPro in London wrote in an e-mail commentary.

At noon (CDT), the APMEX precious metals spot prices were:

  • Gold - $1,640.30 – Down $11.40.
  • Silver - $31.31 – Down $0.97.
  • Platinum - $1,613.70 – Down $27.70.
  • Palladium - $652.80 – Down $36.90.

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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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