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Morning Gold & Silver Market Report – 3/30/12

BOOST TO EUROZONE BAILOUT FUND PROVIDES BOOST TO METALS  

Precious metals and U.S. stock futures received a boost this morning, mainly due to a boost of a different kind. A statement from eurozone finance ministers this morning read, “All together, the euro area is mobilizing an overall firewall of approximately 800 billion euros, more than 1 trillion dollars,” to help protect against the spread of the debt crisis. This move boosted the euro, causing metals to follow suit.

Echoing the sentiments of many, Sam Chandan of Chandan Economics said, “An extraordinarily low interest rate environment has become our drug of choice (in the U.S.). But the potential impact on the economy over the long run, in terms of how it distorts the markets, is potentially quite toxic. (It is) something we got to back away from.”

The ongoing civil oppression in Syria took a new twist today, as Iran has helped the country ship oil to China, providing an $80 million benefit to the government of Syrian President Bashar al-Assad. This is in direct defiance against Western sanctions, with which Iran is familiar. Syria and Iran seem to be strengthening their alliance at a time when Western powers have attempted to contain issues regarding those Middle Eastern countries.

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

  • Gold – $1,666.70 – Up $12.50.
  • Silver - $32.52 – Up $0.48.
  • Platinum - $1,645.20 – Up $17.90.
  • Palladium - $653.20 – Up $7.70.

APMEX’s Account Managers now have extended hours and are here to serve you until 7 p.m. (CDT) Mondays through Thursdays! If you have any questions about investing in precious metals or would simply prefer to place your order by telephone, we are here to help.

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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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