Mid-Day Gold & Silver Market Report – 4/17/2012

IMF HAS POSITIVE OUTLOOK; SPAIN HAVING ISSUES    

Precious metals prices have been on the move this morning, with swings in pricing and now moving higher. The prevailing fear continues to encase the uncertainty revolving Spain’s debt issues. In a note to its investors, VTB Capital said, “Many still doubt that Madrid can implement the necessary budget cuts without the situation spiraling out of proportion in an economy that is already suffering from high unemployment and negative growth rates. … Jitters over the debt crisis in the monetary union are far from over, and this could be potentially Gold-supportive in the second quarter.”

Spain is not only having its own debt issues that it needs to overcome but an unexpected seizure of an asset by Argentina has left the country quite angry. Argentina has announced plans to seize YPF, a subsidiary of Spanish energy giant Repsol. The move is lauded by Argentines but has caught a number of foreign governments by surprise. Spanish industry minister Jose Manuel Soria said, “With this attitude, this hostility from the Argentine authorities, there will be consequences that we'll see over the next few days. They will be in the diplomatic field, the industrial field, and on energy. … Argentina has shot itself in the foot.” Privatization of oil production is viewed as a key element with foreign powers, like China and Venezuela which have also privatized their oil production.

The International Monetary Fund raised its global outlook on the moderate boost provided by recent U.S. economic improvements. However there remain concerns regarding the sustainability of those improvements. In a summary of the report, the IMF wrote, “Improved activity in the United States during the second half of 2011 and better policies in the euro area in response to its deepening economic crisis have reduced the threat of a sharp global slowdown. … Weak recovery will likely resume in the major advanced economies, and activity is expected to remain relatively solid in most emerging and developing economies. However, the recent improvements are very fragile.”

At noon p.m. (CDT), the APMEX precious metals spot prices were:

  • Gold - $1,653.60 – Up $3.40.
  • Silver - $31.80 – Up $0.37.
  • Platinum - $1,582.70 – Up $7.90.
  • Palladium - $663.30 – Up $11.60.

APMEX’s Account Managers now have extended hours and are here to serve you until 7 p.m. (CDT) Mondays through Thursdays, and until 5 p.m. (CDT) on Fridays! If you have any questions about investing in precious metals or would simply prefer to place your order by telephone, we are here to help.

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Disclaimer:

APMEX’s ‘News and Commentaries’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. 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 "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

US Dollar Prices are in USD

Precious Metal Prices
4/17/2014 5:15:48 PM EST

Metal Bid Ask Change
Gold $1,294.60 $1,296.60 ($8.90)
Silver $19.60 $19.70 $0.02
Platinum $1,405.70 $1,415.70 ($22.10)
Palladium $792.10 $797.10 ($6.20)
4/17/2014 5:15:48 PM EST

Click here for Historical Charts*All Charts are in USD


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