Morning Gold & Silver Market Report, 7/23/2012

EURO TANKS AS SPANISH, GREEK ISSUES RESURFACE  

Renewed worries of a deepening eurozone debt crisis have sent the euro to a two year low against the American dollar, and Precious Metals are following the former downward. Jeremy Stretch of CIBC said, “What began as a Spanish banking bailout looks to be moving rather quickly towards a possible sovereign bailout. Overlay that with increasingly negative news on Greece, and you get a fairly negative mix, so the path of least resistance for the euro is down.” Spanish bond yields rose to the highest levels in the history of the euro.

The bad news out of Greece comes from reports that the International Monetary Fund (IMF) will no longer provide additional financing for the country. Greece could be broke by September if it does not receive additional aid from the IMF. The problem is Greece not being able to (or simply refusing to) meet goals set by “the Troika” in order to receive aid. German Finance Minister Wolfgang Schaeuble said, “If there were delays, Greece must make up for them.”

Economist Nouriel Roubini, whose nickname is “Dr. Doom,” believes that the United States economy is still on a downward slope. After saying that rosy forecasts by economists are out of line, Roubini said, “In 2013 … as some tax cuts are allowed to expire, disposable income growth and consumption growth will slow. The U.S. will then face not only the direct effects of a fiscal drag, but also its indirect effect on private spending.”

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

  • Gold, $1,569.30, Down $15.20.
  • Silver, $26.86, Down $0.53.
  • Platinum, $1,392.90, Down $21.60.
  • Palladium, $565.40, Down $11.70.

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’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
4/24/2014 2:53:33 AM EST

Metal Bid Ask Change
Gold $1,286.00 $1,288.00 $1.40
Silver $19.36 $19.46 ($0.03)
Platinum $1,392.70 $1,402.70 ($1.20)
Palladium $781.00 $786.00 ($1.10)
4/24/2014 2:53:33 AM EST

Click here for Historical Charts*All Charts are in USD


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