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Morning Gold & Silver Market Report, 8/20/2012

GOLD, PLATINUM PRICES RETREAT FROM RECENT GAINS  

The early morning trading hours have seen Precious Metals prices going slightly lower. Gold investors have been largely on the sidelines, as they await further announcements later this week from eurozone policy makers. Several rounds of talks are scheduled between Germany, France, Greece and the president of the euro group. Platinum prices are seen as simply giving back a portion the sharp increases experienced last week.

The eurozone crisis is about to command center stage again. August is typically a slow month for the global financial markets, and this August even more so, as the news has been dominated by the London Olympic Games. Greece is going to gain attention as it makes an appeal this week to be granted a two-year extension of the deadline to meet austerity measures. However, Spain is drawing the biggest concern, as markets expect Spain to seek a bailout from the European Central Bank (ECB). “The ECB is playing this delicate balancing act. They know they cannot let Spain collapse, but they know they must get them to agree to this conditionality. The two sides are just playing a game of chicken between one another,” said Giles Keating, head of research at Credit Suisse.

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

  • Gold,$1,613.30, Down $4.60.
  • Silver, $28.08, Down $0.04.
  • Platinum, $1,465.70, Down $8.40.
  • Palladium, $600.90, Down $5.80.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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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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