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Mid-Day Gold & Silver Market Report 2/15/2012

GOLD IS BETTER STORE OF VALUE, ANALYST SAYS 

Gold has maintained its morning gains along with a stronger euro thanks to investors’ curiosity with Greece’s bailout situation. Today’s eurozone finance meeting was canceled and rescheduled as a conference call to discuss whether Greece’s leaders have made sufficient commitments with the latest austerity measures passed Monday. If the conference call is unsuccessful, the finance ministers will meet next Monday in Brussels, Belgium, to debate the terms of the Greek bailout. Finnish Finance Minister Jutta Urpilainen said, “Ultimately the question is whether Greece has political will to sort out their economy and fulfill the conditions.” 

Most recently, it has been noted that Gold’s price has had a positive correlation with the euro versus the U.S dollar. With the U.S. dollar fluctuating in value so often, many investors have opted to buy Gold rather than holding a fiat currency. Pau Morilla-Giner at Capital Asset Management said, “Below the surface … Gold continues to trade about 60 to 70 percent of the time as an alternative currency, which clearly has to do with being a better store of value than nominal currencies that are being abused by excessive quantitative easing across the board."

The housing industry received some good news today as the National Association of Home Builders’ monthly sentiment index for single-family home builders rose 4 points, the fifth straight month of gains.  David Crowe, chief economist with the association, said, “This is the longest period of sustained improvement we have seen in the HMI since 2007, which is encouraging. However, it is important to remember that the HMI is still very low, and several factors continue to constrain the market. Foreclosures are still competing with new home sales, and many builders are seeing appraisals come in at less than the cost of construction. Additionally, prospective home buyers are finding it difficult to qualify for a mortgage.” The index climbed to 29; the index number that separates positive and negative sentiment is 50.

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

  • Gold - $1,728.40 – Up $11.70.
  • Silver - $33.47 – Up $0.07.
  • Platinum - $1,639.10 – Up $10.10.
  • Palladium - $684.60 – Down $3.60.

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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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