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Mid-Day Gold & Silver Market Report – 4/3/2012

GOLD PRICE STEADY; SPANISH DEBT WORRIES GROW  

Gold prices remained relatively steady with only marginal movements up and down through the morning session. Gold typically has moved with Fed announcements, and a report containing the minutes of the recent Federal Open Market Committee meeting is expected to be released about 1 p.m. (CDT). BNP Paribas analyst Anne-Laure Tremblay said, “The Gold market has recently been very sensitive to Fed statements, so it is likely to react to the news. … The apparent absence of physical demand, notably with the strike of Indian jewelers, has been weighing on prices.” Societe Generale analyst Robin Bahr said, “We consider the drop in the Gold price to be a buying opportunity as we expect the U.S. economy to surprise on the downside over coming months, which should result in the implementation of (a third round of quantitative easing).”

In Spain, last week’s budget announcements coupled with the release of less-than-stellar debt-to-GDP ratio have a number of investors concerned, as the levels are well in excess of previous estimates. This is the highest debt level in 22 years. Last year, the debt-to-GDP ratio was 68.5 percent, while this year it has climbed to 79.8 percent. Although this ratio is less than the European Union average, it is still quite high and climbing. That climb worries investors who bought Spanish bonds. Spanish Treasury Minister Cristobal Montoro said, “The challenge of this budget is to recover the confidence of our European partners, of European institutions, of investors in Spain.”

At 12:01 p.m. (CDT), the APMEX precious metals spot prices were:

  • Gold - $1,675.40 – Down $3.80.
  • Silver - $33.18 – Up $0.03.
  • Platinum - $1,657.50 – Up $3.60.
  • Palladium - $660.50 – Up $0.70.

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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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