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Market Reports

Mid-Day Gold & Silver Market Report - 3/8/2012


Precious metals prices are up following morning trends. For the past two days, the U.S. dollar’s strength has decreased compared to the euro, which has pushed Gold up. Investors seem to be feeling more comfortable with the yellow metal versus green paper. Greece is working constructively on its debt bond swap, and it appears the deal may reach a successful closure by today’s deadline. Rick Trotman at MLV & Co said, “It finally looks as if Greece will pull through, and the sentiment overall is positive. The risk-on mentality seems to be back for now.” In an e-mail report today, UBS AG stated the possibility of a third round of economic stimulus from the Federal Reserve is key to determining Gold's next move.

Private creditors of Greece may have mixed emotions on the haircut they suffered on their bond swaps in order to save that country financially, but Nouriel Roubini of Global Economics feels differently. Roubini said, “The reality is that private creditors got a very sweet deal. They should stop complaining. They will take some losses, but those losses are limited. Indeed, the fact that the new bonds are expected to be worth more than the old bonds suggests that this PSI exercise has further transferred losses to official creditors.” 

Household consumer confidence last week hit a four-year high, as more Americans feel the economy is improving, and that it’s a good time to begin purchasing again. Joe Brusuelas at Bloomberg LP said, “Consumers are much more comfortable about their own personal financial situations, which is largely negating the recent rise in gasoline prices.” However, rising gasoline costs continue to be a source of concern over consumer backlash. Gasoline costs threaten the gains being made with consumer confidence. Gary Langer said, “As gas pushes toward $4, the risk of consumer backlash grows ever greater. … Even with its breakout this year, consumer sentiment has far to run.” The outlook remains good for economic improvement.

At noon (CST), the APMEX precious metals spot prices were:

  • Gold - $1,699.80 – Up $14.90.
  • Silver - $33.89 – Up $0.28.
  • Platinum -$1,658.00 – Up $29.70.
  • Palladium - $699.80 - Up $14.40.

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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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