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Mid-Day Gold & Silver Market Report – 3/29/2012

DOLLAR GAINS ON EURO FEARS; JEWELERS STRIKE ONGOING IN INDIA  

Oil prices have declined, and the dollar is gaining over growing fears revolving around Spain’s less-than-stellar budget. Austerity measures are proving quite unpopular in Spain. The physical demand for Gold remains high in China, but the jewelers’ strike in India continued into a 13th day, which has hindered demand in the world’s top Gold-buying country. Nic Brown of Natixis said, “In the near-term, there is substantial support still coming out of China. Until Chinese investors have a solid alternative to precious metal, it’s likely that demand coming out of China will remain very strong. … If you see a significant decline in Indian demand for Gold, that is a major negative for the Gold market.”

The strike among India’s jewelers has generated several concerns. This is the first Indian jewelers’ strike in almost seven years. Many are concerned about which precious metals are to be taxed and at what rates, but there are hopes a compromise can be reached. A poll of retailers, jewelers and brokers indicates that Gold imports could drop about 30 percent, and India could lose its position as the top buyer to China by the end of the year. This could cause a loss of revenue of $1 million. “If the excise duty is corrected, the trade will be happy,” said Bhargav Vaidya, a director at the Bombay Bullion Association, one of the largest trade groups representing the industry in India. “The strike will not be indefinite, and customers will not go high and dry during wedding season.”

Some Spanish citizens have risen up against austerity measures imposed upon them, with strikes in the nation affecting public transportation and factory production. However, it is business as usual in a good portion of the nation, as the populace is hoping to  avoid a Greek-like default. Spain’s economy minister said, “Regardless of whether it (the strike) is considered a success or failure, the government is not going to alter the reform one jot.”

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

  • Gold - $1,652.20 – Down $7.80.
  • Silver - $32.02 – Up $0.14.
  • Platinum - $1,627.20 – Down $12.40.
  • Palladium - $645.80 – Down $2.60.

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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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