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Mid-Day Gold & Silver Market Report – 5/8/2012

EUROZONE CRISIS REARS ITS HEAD AGAIN

Precious Metals prices have been down throughout the morning trading session, largely on technical selling and the growing European Union debt crisis. The euro is trading at its lowest levels since January. The uncertainty has led to a rise in strength of the United States dollar. Daniel Smith of Standard Chartered said, “What we’ve seen in recent weeks is rallies have been increasingly weaker on the upside, and that is a warning that we are going to see another test on the downside. … Gold didn’t benefit from the latest European problems, and part of that is the U.S., which has been outperforming relatively speaking, so that is handing the dollar strength.” The Chinese demand for Gold remains high from the physical perspective.

Greece has stepped right back into the breach and concerns are mounting again after Alexis Tsipras, who is in charge of forming a new majority party, said that in order to be a part of the coalition, members must renounce previously agreed to austerity measures. “The bailout parties no longer have a majority in parliament to vote for measures that plunder the country,” Tsipras told reporters in Athens today after receiving the coalition-building mandate from President Karolos Papoulias. “There will be no 11 billion euros ($14 billion) of additional austerity measures; 150,000 jobs will not be cut.”

At 1:30 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold - $1,605.70 – Down $34.50.
  • Silver - $29.49 – Down $0.67.
  • Platinum - $1,508.70 – Down $22.40.
  • Palladium - $623.30 – Down $25.50.

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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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