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Morning Gold & Silver Report, 7/30/2012

GOLD PRICE SLIGHTLY LOWER IN OVERNIGHT TRADING  

Gold and equity markets are both poised to advance in the event that European leaders announce a plan to bail out Spain and curb further contagion. Spain has requested further eurozone support in buying its sovereign debt. Germany continues to be resistant to this notion, and this sets up a clash of wills as German finance officials prepare to meet with U.S. Treasury Secretary Tim Geithner. Geithner has said the eurozone crisis is the biggest threat to the U.S. economy, so it is expected he will put pressure on Germany to take additional action.

The economic picture in Spain continues to worsen as that nation’s recession deepened in the second quarter. Tough new austerity measures were enacted, which took a toll on overall demand and consumer prices. Consumer prices rose 2.2 percent year over year. All in all, this paints a difficult picture for Spain to climb out of its budget deficit.

European stocks are currently trading higher on hopes that the European Central Bank will step in with additional measures, while U.S. stock futures are trading lower as they await potential action.

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

  • Gold, $1,618.00, Down $2.20.
  • Silver, $27.78, Up $0.19.
  • Platinum, $1,410.70, Up $2.50.
  • Palladium, $582.50, Up $9.60.

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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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