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Mid-Day Gold & Silver Market Report – 5/10/2012


Precious Metals remained relatively steady through the morning. The strength of the United States dollar continues to affect prices, as well as the lingering eurozone debt crisis. Sharps Pixley’s Ross Norman said, “At this particular moment, Gold is telling us the economic crisis in Europe has had a seismic shift. The fact that Gold has collapsed is not surprising. It’s adhering to its relationship with the U.S. dollar. What happens with these seismic shocks is that (Gold) doesn’t do the safe-haven thing; it does the dollar thing.” In a note to investors, RBS wrote, “The safe-haven trade is still in the backseat, and Gold remains positively correlated with risk assets and pressured by a strong U.S. dollar.”

Greece is looking at yet another election in the next few weeks as governmental consensus is not taking place. The head of Greece’s Radical Left Coalition, Alexi Tsipras, was not able to form a unity government this week, opening the door for the new elections. The issue is not about not getting a unity government formed, it’s the fact that Tsipras is viewed as the next prime minister, so his beliefs are significant. In Greece, the austerity measures are known as “the memorandum” which Tsipras opposes. He expressed his views recently when he said, “I fully disagree with what is at heart of the memorandum. … Further austerity will make us a Third World country in the EU.”

Spanish banks are taking a cue from Ireland as concerns are mounting that bank losses are not being accounted for properly. Spain is trying to avoid outside assistance, in the form of a bailout, but many analysts have concerns that Spain will not be able to avoid a bailout. London-based analyst Patrick Lee said, “How can you only talk about one type of real estate lending when more and more loans are going bad everywhere in the economy? Ireland managed to turn its situation around after recognizing losses much more aggressively and thus needed a bailout. I don’t see how Spain can do it without outside support.”

At 1:01 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold - $1,597.00 – Up $1.80.
  • Silver - $29.29 – Even.
  • Platinum - $1,494.50 – Down $5.70.
  • Palladium - $616.50 – Up $1.90.

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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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