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Morning Gold & Silver Market Report – 2/15/2012

EUROPE GETS VOTE OF CONFIDENCE FROM CHINA  

Gold and Silver prices rose in overnight trading, and U.S. stock futures are higher after better-than-expected European economic data.  German and French gross domestic product (GDP) numbers beat expectations, though the eurozone’s GDP as a whole contracted by 0.3 percent. Brian Gallagher of Dolmen Stockbrokers said, “Growth is slowing (in the eurozone), but it’s slowing at a slower pace than expected.  Concerns that we risk a severe recession have been decreased by the numbers we saw today.” Precious metals and stock futures jumped even higher after the release of the Empire State manufacturing index. Surprising economists, the index rose to 19.5 in February, which is the highest level in 20 months.

The eurozone also received a vote of confidence from the Chinese government, as People’s Bank of China Gov. Zhou Xiaochuan announced that China would be expanding investments in the area. Xiaochuan believes that European leaders will be able to solve the debt riddle. Former Treasury Secretary Henry Paulson didn’t rule out the possibility of the eurozone’s troubles being resolved, but he does believe that it will take years to sort out the debt crisis in the region. He said, “There is similarity (with the financial crisis in the U.S.) in certain regards. This has been going on for a long time, and I think it will take years to play out. … The structural issues around the EU are very difficult issues.”

Geopolitical issues continue in the Middle East, as Syrian government forces attacked three major cities today. The revolution in Syria has pressed on for 11 months, and the U.N. estimates that “several thousand” civilians have been killed. Government forces are continuing their bombardment of residential neighborhoods in Homs, and also in Hama and Damascus. Iran has cut oil exports to six European states in retaliation to sanctions imposed by the European Union. The oil price hit a six-month high on the news. Oil and Gold historically have a positive correlation.

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

  • Gold - $1,732.60 – Up $15.90.
  • Silver - $33.85 – Up $0.46.
  • Platinum - $1,638.20 – Up $9.20.
  • Palladium - $689.40 – Up $1.10.

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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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