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Closing Gold & Silver Market Report – 2/10/2012

S&P DOWNGRADES 34 ITALIAN BANKS  

Standard & Poor’s credit rating agency downgraded 34 Italian banks, saying, “Italy’s vulnerability to external financing risks has increased, given its high external public debt, resulting in Italian banks’ significantly diminished ability to roll over their wholesale debt.” Last month, S&P downgraded Italy’s sovereign debt rating. This downgrade will force Italy’s largest bank by assets, UniCredit, to announce a 10.6 billion-euro loss in 2011’s third quarter.

Wall Street experienced its worst day of 2012. Gold and Silver prices fell, too, as the yo-yo effect of the Greek negotiations continue. Today, the Greek deal faltered, so the euro declined, the dollar went up, and Gold and Silver went down. The European finance ministers and the Greek government will continue to work through the weekend to achieve a deal. If a deal is made, we can expect the euro to go up, the dollar to fall, and Gold and Silver to rise.

Could we be looking at $5-per-gallon gasoline in the U.S. this year? John Hofmeister, former chief executive of Shell Oil’s U.S. operations, said he believes there is better than a 50 percent chance. Hofmeister said, “What’s really unprecedented is developing countries, particularly China and India, have an insatiable need for more oil, and that has not been taken into account when we think of public policy in this country.” He predicts that our lack of support for domestic drilling, coupled with the uncertainty in the Middle East, could easily drive prices to the $5-per-gallon range. With that thought, have a great weekend!

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

  • Gold - $1,724.00 – Down $16.20.
  • Silver - $33.64 – Down $0.33.
  • Platinum - $1,663.50 – Down $5.10.
  • Palladium - $703.50 – Down $8.80.

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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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