Morning Gold & Silver Market Report, 6/25/2012
SPAIN FORMALLY REQUESTS EU AID
Uncertainty in Europe has led to American stock futures falling and Precious Metals prices remaining flat. A two-day European Union summit meeting is set for later this week, but Peter Boockvar of Miller Tabak said that “nothing of substance will come” of the meeting. He said Germany is “just not giving in to the requests for largesse that the rest of Europe wants them to disperse in the form of socializing debt obligations in the euro region.”
After informally making the request last weekend, Spain has formally requested aid from the eurozone. Olli Rehn, the EU’s top economic official, said aid could arrive in a matter of weeks, adding, “The policy conditionality of the financial assistance … will be focused on specific reforms targeting the financial sector, including restructuring plans which must fully comply with EU state aid rules.”
Gold seems to be in a holding pattern at the moment. Macquarie analyst Hayden Atkins said, “The broader picture suggests Gold could move a bit lower, but it will stay in this range until we see definitively whether the bulls will be right about the printing presses at central banks ramping up again, or whether they will hold fire until the world gets a lot worse. It is in a wait and see kind of mode,” suggesting that increases in the Gold price are likely, and that it’s just a matter of ‘when’ and not ‘if.’
At 9:26 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,573.90, Up $6.50.
- Silver, $26.85, Up $0.08.
- Platinum, $1,435.90, Up $2.70.
- Palladium, $607.90, Down $0.40.
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