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

GREEK OFFICIALS TO MEET WITH HOLDOUTS OVER BOND SWAPS   

Precious metals are following morning trends with a fall in prices across the board, following yesterday’s news that further quantitative easing from the Federal Reserve is unlikely. “The market has decided that yesterday’s statement is probably the final nail in the coffin,” Frank Lesh of FuturePath Trading said. “Gold is reacting to the strength in the dollar.”

Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, is predicting a 3 percent increase in U.S. economic growth for 2013.  Lacker said if the economy develops successfully, the benchmark interest rates that the central bank has in place will increase. In a Bloomberg Television interview, Lacker said, “The logical time to raise rates is going to be sometime next year. That’s based on my sense that growth is going to pick up enough by then in order to warrant raising rates to keep inflation pressures under control.”

The Greek government is preparing to meet today with investors who hold 2 to 3 percent of Greece’s privately held debt to determine if they will swap their bonds for new long-term securities and take a 75 percent loss. Investors have until April 18 to decide. 

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

  • Gold - $1,619.20 – Down $52.30.
  • Silver - $31.35 – Down $1.97.
  • Platinum - $1,598.30 – Down $61.20.
  • Palladium - $634.10 – Down $26.50.

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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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