Closing Gold & Silver Market Report – 2/9/2012
SAME SONG, DIFFERENT TUNE
Precious metals prices were mostly lower this afternoon on news that Greece had secured a debt-resolution deal and will implement austerity measures required to receive the second part of a 130 billion-euro bailout. Some people remain skeptical as to whether this will help Greece and the eurozone debt crisis or just kick the can farther down the road, keeping Gold from falling too far. Another scenario being contemplated is Greece’s exit from the eurozone, which, said Phil Streible, senior commodities broker at RJO Futures, would be “like trimming the cancer off,” ultimately resulting in stronger support for Gold.
U.S. stocks rose for a third day in a row, driven by the Greek deal and the latest report of fewer jobless claims in the U.S. Michael Gibbs, director of equity strategy at Morgan Keegan, commented on the rise of the markets. “We’ve made some significant moves in a short period of time.” However, Chip Cobb, portfolio manager at Bryn Mawr Trust, was not so optimistic, saying it might be better to hold the applause over the Greek situation. “How many times have we been down this path and come out with nothing?” he asked.
At 4 p.m. (CST), the APMEX precious metals spot prices were:
- Gold - $1,730.30 – No change.
- Silver - $33.93 – Up $0.18.
- Platinum - $1,660.70 – Down $8.40.
- Palladium - $711.30 – Down $5.70.