Closing Gold & Silver Market Report, 7/23/2012
PRECIOUS METALS VOLATILE ON EUROZONE WOES
Precious Metals remained volatile throughout the day’s market activity, primarily due to the rehash of the eurozone debt crisis afflicting Spain and Greece. The International Monetary Fund has stepped up efforts to get Greece back on track with a conference set for Tuesday. Precious Metals continue to hold at technical levels despite the concerns. Commodities broker Phillip Streible said, “When Gold gets down to a certain range around $1,550 (to $1,5)60, investors often consider it a safety play and an inexpensive hedge in their portfolios. … Plus, a lot of people think that weaker global cues are going to entice the Fed to embark on another quantitative easing plan, so Gold’s downside is somewhat limited.”
Stock markets closed off the lows of the morning. Stocks were cautious ahead of mediocre earnings and fears of Spain needing a national bailout. Speaking of Spain’s effect, portfolio manager Eric Green said, “The selloff this morning was overdone, and obviously the market felt that way too. … Nothing incrementally negative came out, but obviously we’re still worried about the situation there.” A number of Spanish regions are looking to government funding to keep their finances afloat. That news alone led to a 1 percent drop in the S&P today.
At 4 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,577.40, Down $6.90.
- Silver, $27.06, Down $0.34.
- Platinum, $1,401.70, Down $12.80.
- Palladium, $571.90, Down $5.30.
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