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Morning Gold & Silver Market Report, 5/23/2012

‘EUROCRAT DINNER’ DRAWING ATTENTION  

Precious Metals prices are down 1 to 2 percent this morning as investors await news from an informal summit meeting in the eurozone. David Morrison of GFT Markets said, “Although this is little more than a taxpayer funded dinner for eurocrats ahead of the main summit in June, any further signs of a rift between Germany and France will see the euro and equities fall further.”  Lately, as the euro has moved, so have Precious Metals.

Germany and France are far from the only topic of note in the eurozone. The main focus at the moment seems to be the potential exit of Greece from the group. Goldman Sachs Asset Management chairman Jim O’Neill said, “The markets are putting together a higher probability for the end game in the eurozone,” in reaction to high demand for Germany’s two year, no interest bonds being sold at the lowest yield ever. Speaking on the ramifications of Greece leaving the bloc, he said, “Once one exits, it breaks the notion that it’s a true currency union, and that is a big moment.”

Oil markets, which have historically held a positive correlation to Gold, have been uneasy amid sanctions placed on Iran and other happenings in the Middle East. A meeting between Iran and six world powers, including the United States, is taking place to continue to attempt to persuade Iran to scale back its nuclear program. Iran has made it clear that it will not be intimidated. However, Russia’s foreign minister said the impression is that Iran is “ready to seek agreement on concrete actions.”

At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,563.10, Down $15.10.
  • Silver, $27.87, Down $0.40.
  • Platinum, $1,433.00, Down $27.40.
  • Palladium, $609.50, Down $8.00.

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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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