Morning Gold & Silver Market Report – 11/27/2012
DEBT DEAL REACHED FOR GREECE
Gold and Silver prices are basically flat this morning amid news that the eurozone and the International Monetary Fund have reached a debt deal for Greece. The country’s debt level will be lowered to a more sustainable level, and ultimately, this deal will lead to the next $44 billion tranche of aid being released to the country. German Chancellor Angela Merkel, who many consider the political figurehead of the eurozone as Germany boasts the largest economy in the region, is coming under fire for doing the “bare minimum” to keep Greece solvent.
Gold prices gave up gains that were originally attributed to the debt deal in Greece when Federal Reserve Bank of Dallas President Richard Fisher stated concerns with regards to the latest round of quantitative easing in the U.S. Fisher’s comments boosted the dollar, and the Gold price reacted negatively. Saxo Bank analyst Ole Hansen said, “Gold is trying to consolidate now after making the push higher on Friday. … We are creating the foundation for a push higher to levels seen earlier this year.”
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,750.30, Down $1.30.
- Silver, $34.20, Down $0.01.
- Platinum, $1,621.60, Up $9.60.
- Palladium, $671.40, Up $9.20.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EST)! Or call us Fridays until 6 p.m. (EST)! 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.