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Mid-Day Gold & Silver Market Report – 2/13/2012

OBAMA’S BUDGET PROPOSAL NOT LIKELY TO PASS; GERMANY IRED BY GREEK INSULTS  

Precious metals prices have been on a short, choppy ride in morning trading. There has been quite a bit of volatility based on technical selling, budget proposals, concern with Greece, and to some extent supply (Platinum). COMEX floor trader Jonathan Jossen said price movement is “all technical” at this point. Meanwhile, in a note to investors, Morgan Stanley said, “The defensive nature of Gold should continue to support investment demand as investors look for safe havens. … A continued low or negative real interest rate environment will also provide support.”

President Barack Obama submitted his budget proposal to Congress today. There are a number of spending measures being submitted. However, Republican opposition already is considered to be quite strong. Some measures appear to boost money for jobs, infrastructure and education. There is also a revamping of the tax code. Asked if there was any chance this budget in its present state would pass the Senate, Republican leader Mitch McConnell said no. The fact that there is an upcoming presidential election makes things even more difficult from the perspective of which direction Republicans and Democrats really want to take the country.

Germans are increasingly becoming more agitated with the perception of intransigence being placed upon them by Greek protestors. With Greeks voicing their displeasure with German treatment, the Germans are starting to swing back. German Finance Minister Wolfgang Schaeuble said, “Greek promises aren’t enough for us anymore.” Patriotic German newspaper Bild wrote that Europeans who receive aid “should put flowers outside our embassies and send the chancellor thank-you notes. Instead, the demonstrators insult their German helpers and liken our government to Nazis, which is intolerable.” This rhetoric is making the European situation increasingly tenuous.

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

  • Gold - $1,724.00 – Down $0.20.
  • Silver - $33.67 – Up $0.02.
  • Platinum - $1,650.60 – Down $10.20.
  • Palladium - $699.10 – Down $4.90.

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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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