Closing Gold & Silver Market Report – 1/24/2012
IS JAPAN NEXT UP IN DEBT-CRISIS LINE?
Precious metals continued to trade lower this afternoon, still tracking the euro. The stalemate of debt negotiations in Greece caused the dollar to gain, pushing metal prices down for the moment. Adam Klopfenstein of Archer Financial Services Inc. said, “The markets are taking a hit because everyone was expecting Greece to come up with a plan. People are largely in a ‘risk-off’ mode today.”
After the International Monetary Fund’s announcement regarding expectations of a global recession looming, the Wall Street Journal reported that Japan is looking at its first trade deficit in more than 30 years. One analyst cited an aging and shrinking population for the troubles, but also noted that it’s a bad sign for the rest of the globe. He said that “Japan’s debts make Europe’s look like pocket change.”
The Arab League recently requested Syrian President Bashar al-Assad to surrender his power. Arab states have withdrawn their observers from Syria after the president rejected the league’s plan. Formerly, Syrian leaders were saying they wanted an Arab solution to the problem, not a Western solution. Now, Syrian Foreign Minister Walid al-Moualem has said, “Definitely the solution in Syria is not the solution suggested by the Arab League, which we have rejected. They have abandoned their role as the Arab League, and we no longer want Arab solutions to the crisis.” Unfortunately, it seems the bloodshed and disputes are far from over.
At 4 p.m. (CST), the APMEX precious metals spot prices were:
- Gold - $1,666.90 – Down $12.90.
- Silver - $32.08 – Down $0.28.
- Platinum - $1,552.60 – Down $9.50.
- Palladium - $680.30 – Down $9.60.