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Morning Gold & Silver Market Report – 4/18/2012


Precious metals prices are lower this morning due to pressure on currencies from worries in the eurozone, and there’s a feeling of complacency about metals ahead of next week’s Federal Open Market Committee meeting. UBS’s Edel Tully said, “Gold price action has become stale, with conviction in either direction remaining remarkably low. The yellow metal could certainly use fresh catalysts from external markets at this stage to shake it out of this stupor. … But until there is a clear sign as to whether it is taking on a safe haven or a risk persona, investors are likely to continue keeping participation small and timelines brief. Instead, it’s quite likely that Gold will wait and take its next directional cue from the FOMC meeting next week.”

Many economists and investors are concerned with the extent of debt Spain is facing and the steps it would need to take to rectify its economic situation. In Carsten Brzeski’s opinion, “They’re going to need EFSF (European Financial Stability Facility) money to recapitalize the banking sector. … I think we’ll only see a real end to the Spanish misery if the real estate market stabilizes.” Does real estate stabilization sound familiar? However, Spain already has taken a number of steps that some economists don’t feel are necessary. Germany’s Finance Minister Wolfgang Schaeuble said, “The fundamental data in Spain is not comparable to those in the countries that are under a program. Spain needs to work to win confidence, however, if the positive developments are to continue.” The uncertainty over just how bad the Spanish housing issue is continues to be a source of concern, as well.

Italian Prime Minister Mario Monti continues to have a great deal of international credibility, but concerns are growing due to rising displeasure among citizens facing the austerity measures being put in place. The austerity measures are a clear source of discontent among Italian citizens, but the fiscal markets are not looking to be effected quite yet. Monti has a balanced budget projected for 2014, but International Monetary Fund officials said 2017 is more likely. IMF officials even told Monti to be careful with those austerity measures as the Italian economy is still in a fragile state.

At 9:01 a.m. (EDT), the APMEX precious metals spot prices were:

  • Gold - $1,640.10 – Down $11.50.
  • Silver - $31.47 – Down $0.26.
  • Platinum - $1,580.50 – Down $3.20.
  • Palladium - $660.00 – Down $3.00.

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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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