Morning Gold & Silver Market Report, 5/22/2012

PRECIOUS METALS CONTINUE TO RIDE EUROZONE TRAIN  

Concerns out of the eurozone continue to pull down the euro and strengthen the American dollar, thus pulling down prices. Gold in particular has remained relatively fluid within a certain price range of $1,530 to $1,590. However a key price indicator in the short term continues to be $1,600 an ounce. However, euro pressure continues to be in the driver’s seat for prices. An unidentified international dealer said, “If we break above $1,600 and even go higher to confirm the bull trend, we will see more buying.”

Greek citizens continue to hold out hope that money will be found to help bail out the country and its citizens. The prevailing feeling is that Europe will not just cut its losses and kick Greece out of the eurozone. An alarming, almost deja vu like feeling permeates the country as one citizen said, “There’s a lot of money in this country. They just need to tax the rich and it would solve so many problems.” Does that sound familiar? The Greek citizens voice their displeasure through their voting results, with another election coming next month and fears that the drachma will come back.

The issues surrounding Greece do have some effect on the United States and should not be taken lightly. There are a few issues in particular including American banks’ susceptibility to eurozone debt. The weakening power of the euro as a currency could mean that American goods would also become more expensive and less attractive to consumers in other nations. There is also a global effect that could be felt by other global powers such as China.

At 8:01 a.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,579.50, Down $10.70.
  • Silver, $28.29, Down $0.12.
  • Platinum, $1,460.90, Down $2.60.
  • Palladium, $613.70, Up $0.90.
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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
4/23/2014 4:39:52 PM EST

Metal Bid Ask Change
Gold $1,284.20 $1,286.20 $3.10
Silver $19.39 $19.49 $0.08
Platinum $1,395.70 $1,405.70 $5.40
Palladium $782.70 $787.70 $3.10
4/23/2014 4:39:52 PM EST

Click here for Historical Charts*All Charts are in USD


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