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Morning Gold & Silver Market Report – 3/7/2012

DEADLINE TODAY FOR GREEK BONDHOLDERS  

U.S. stock futures are up this morning, after the stock market’s biggest one-day drop of the year. Precious metals also are trading higher.  The ADP private-sector jobs report was released this morning and had little to no effect on precious metals or stocks. However, the report showed that 216,000 private-sector jobs were added in February, much in-line with consensus forecasts.

Today is the deadline for private bondholders of Greek debt to accept a write-down of their holdings in order to take part in the country’s debt swap. So far, 30 major holders have agreed to take part in the deal. As feared, if Greece cannot persuade 90 percent of bondholders to agree, special clauses may come into play that will trigger credit-default swaps and possibly spark market panic. Steven Saywell of BNP Paribas said he believes the markets already have priced in the triggering of credit-default swaps.

In an attempt to soothe the tensions between Israel and Iran, talks have resumed between the two countries. The major bone of contention, as it has been recently, is Iran’s nuclear ambitions. Yaakov Amidror, the national security adviser to Israel’s prime minister, said to local radio, “There will be no one happier than us (that discussions are taking place), and the prime minister said this in his own voice, if it emerges that in these talks Iran will give up on its military nuclear capability.”

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

  • Gold - $1,679.60 – Up $7.00.
  • Silver - $33.12 – Up $0.32.
  • Platinum - $1,630.10 – Up $17.20.
  • Palladium - $678.30 – Up $6.70.

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Disclaimer:
APMEX 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. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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