Morning Gold & Silver Market Report, 8/20/2012
GOLD, PLATINUM PRICES RETREAT FROM RECENT GAINS
The early morning trading hours have seen Precious Metals prices going slightly lower. Gold investors have been largely on the sidelines, as they await further announcements later this week from eurozone policy makers. Several rounds of talks are scheduled between Germany, France, Greece and the president of the euro group. Platinum prices are seen as simply giving back a portion the sharp increases experienced last week.
The eurozone crisis is about to command center stage again. August is typically a slow month for the global financial markets, and this August even more so, as the news has been dominated by the London Olympic Games. Greece is going to gain attention as it makes an appeal this week to be granted a two-year extension of the deadline to meet austerity measures. However, Spain is drawing the biggest concern, as markets expect Spain to seek a bailout from the European Central Bank (ECB). “The ECB is playing this delicate balancing act. They know they cannot let Spain collapse, but they know they must get them to agree to this conditionality. The two sides are just playing a game of chicken between one another,” said Giles Keating, head of research at Credit Suisse.
At 9 a.m. (EDT), the APMEX Precious Metals prices were:
- Gold,$1,613.30, Down $4.60.
- Silver, $28.08, Down $0.04.
- Platinum, $1,465.70, Down $8.40.
- Palladium, $600.90, Down $5.80.
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