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Closing Gold & Silver Market Report

EUROZONE WORRIES ABATE; U.S. READIES SANCTIONS OVER IRAN    

Precious metals prices were on the rise this afternoon following the dollar’s decline and a rise in oil prices. The dollar’s decline came on the heels of the euro’s rise, which was due to the addition of funds to the eurozone’s financial firewalls. In a note to analysts, HSBC officials wrote, “In the near term, Gold prices may be influenced by the effectiveness of the eurozone’s plan to bolster their bailout fund. … If the investors deem the plan as sufficient in reducing near-term eurozone liquidity issues, we believe risk assets including Gold may benefit.”

Eurozone finance ministers came to the agreement earlier today to increase the firewall to 700 billion euros to ward off any potential debt concerns. Basically, the original proposal called for 200 billion euros, which is now supported with an additional 500 billion. This brings the total to 700 billion in financial backing. This decision looks to have the backing of the International Monetary Fund at this time, and is viewed as a boost to further outside funding from sources such as the Group of 20 and BRICS nations. Former IMF official Eswar Prasad said, “Today’s decision is an important step towards strengthening the fortifications around the eurozone. … This step may not be adequate to convince markets that the fortifications are impregnable. But it is likely to elicit a positive response from the international community in terms of supporting an increase in IMF resources as a secondary backstop.”

After determining that world oil supplies are adequate to offset concerns, President Barack Obama has cleared the way for the U.S. to proceed with U.S. banking sanctions against nations importing oil from Iran. The U.S. already has granted some exemptions to countries that have greatly reduced their Iranian oil imports. However, if other countries do not comply, they may be subject to being cut off from the U.S. banking system, which could be crippling to a number of nations. However, the sanctions are not likely to have a great effect on gasoline prices, energy analyst Guy Caruso said, as the sanctions have “already been priced into the market.”

At 4:15 p.m. (CDT), the APMEX precious metals spot prices were:

  • Gold - $1,670.20 – Up $15.80.
  • Silver - $32.30 – Up $0.26.
  • Platinum - $1,642.70 – Up $15.40.
  • Palladium - $655.00 – Up $9.50.

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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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