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Morning Gold & Silver Market Report – 2/13/2012

DOLLAR DECLINES, EURO UP ON GREEK AUSTERITY VOTE  

True to form, as the chances of a Greek bailout improve, the dollar goes down while pushing the value of the euro up. In early morning trading, both equity and precious metals markets are reacting by going higher. Greek lawmakers voted 199-74 to pass the measures demanded by eurozone finance ministers. Greek leaders were clearly told that, without the acceptance of additional austerity measures, they would not receive the next round of bailout money. Eurozone finance ministers remain somewhat skeptical, as we have been down this path before. It is one thing to say you will impose drastic spending cuts, and yet another to enforce them. Already, the city of Athens experienced violent protests and rioting in response to the austerity vote.

President Barack Obama will propose his election-year budget today. It is expected that he will defer spending cuts and propose raising taxes on the rich. There has been no budget approved for more than 1,000 days, and today’s proposal from the president is given no chance of passing, either. Most analysts view today’s budget proposal as a political statement as Obama draws a populist line between himself and Republican opponents.

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

  • Gold - $1,724.10 – Down $0.10.
  • Silver - $33.82 – Up $0.17.
  • Platinum - $1,668.80 – Up $8.00
  • Palladium - $704.00 – Down $0.10.

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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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