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Mid-Day Gold & Silver Market Report – 4/5/2012


Precious metals prices are seeing moderate increases today, primarily on physical demand and overall concerns regarding global recession fears. Spain is the country at the forefront now, as Italy’s Mario Monti has stepped up and followed through on its austerity measures. But Spain is having a hard time meeting targets and might require international aid. An analyst from INTL FC Stone said, “In addition to euro jitters potentially offering a 'prop' for Gold, we also cannot rule out the possibility of the U.S. economic recovery topping out, bringing the easing option back onto the table, and thus throwing another lifeline to the precious metal.” Scotiabank reiterated that belief when it wrote in a note to investors that “we would not be surprised to see a move down in Gold, but as concerns about Europe’s debt are resurfacing, this time in Spain, the downside may be limited and safe-haven buying may soon return with vigour.”

Spanish Prime Minister Mariano Rajoy may be looking for international aid, which has thrown another log on the eurozone fire. Another bailout is not out of the question, and is at a point of near certainty. David Mackie, an economist with JPMorgan Chase Inc., said, “Stress has returned to the periphery of the euro area.” Concerns have risen to a point at which European Central Bank President Mario Draghi waived a Spanish exit from emergency stimulus measures after Spain barely met needed targets. Draghi wants countries to follow through on their promised reforms.

Weekly U.S. jobless claims continue to decline, falling an additional 6,000 this week. This is consistent with job growth the U.S. experienced in March, said Yelena Shulyatyeva of BNP Paribas. The expectation is that Friday’s employment report will show an increase of 203,000 jobs. The four-week moving average also declined. The jobs outlook remains on an upward path, but is it enough of an upward path to appease economic concerns?

At 12:02 p.m. (CDT), the APMEX precious metals spot prices were:

  • Gold - $1,631.50 – Up $16.90.
  • Silver - $31.83 – Up $0.73.
  • Platinum - $1,605.90 – Up $8.30.
  • Palladium - $646.40 – Up $12.60.

APMEX’s Account Managers will be available Friday! If you have any questions about investing in precious metals or would simply prefer to place your order by telephone, we are here to help.

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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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