Morning Gold & Silver Market Report – 1/25/2012
FED STANCE ON INTEREST RATES NOT EXPECTED TO CHANGE
Precious metals markets are down this morning, and stock futures are also down as the Federal Reserve is slated to make a decision on interest rates today. “I think the economic and earnings news will direct another mixed session for stocks, as the [Federal Open Market Committee] and the president’s State of the Union message are non-motivating,” said Peter Cardillo of Rockwell Global Capital. Economists are expecting no change to the near-zero interest rate at this time.
Debt talks in Greece are set to continue tomorrow between the government and private bondholders. The government is hopeful that a deal will be in place as early as this week with the goal being a resolution to the long-term troubles that have plagued the country. The most recent set of talks broke down last week after eurozone ministers rejected a final offer from creditors.
Today marks the one-year anniversary of the uprising that brought down then-Egyptian president Hosni Mubarak, yet Egypt is still not at peace. Military rule has been in place since the ouster of Mubarak, and now some are seeking a new revolt. Others, however, recognize the changes and progress of the past year. Farid Ismail of the Muslim Brotherhood’s Freedom and Justice Party said, “Today we will celebrate the revolution as a people’s achievement but also push for the rest of the revolution’s demands that must be met.”
At 8 a.m. (CST), the APMEX precious metals spot prices were:
- Gold - $1,656.20 – Down $9.80.
- Silver - $31.88 – Down $0.18.
- Platinum - $1,552.10 – Down $1.30.
- Palladium - $677.30 – Down $4.30.