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Morning Gold & Silver Market Report 5/18/2012


Gold and Silver continue their trek higher this week as prices are on the rise this morning. The economic factors still loom large in regards to the eurozone debt crisis. Analyst Bayram Dincer said, “In this multi crisis environment, we are seeing a change in attitude towards risk in Gold, so we are very optimistic. … We got to the point where the year to date performance was zero, and from a risk perspective people started to recognize that this was somewhere with lower risk compared to other asset classes.” In a note to investors, UBS wrote, “Yesterday, Gold defied a stronger dollar, weaker equities, and another raft of negative EU headlines (to rise). It felt like the Gold market of yesteryears.”

There are confirmed reports that contingency plans are in the works should Greece leave the eurozone. There had been plenty of speculative thought that this was happening but never confirmed. In an interview, European Union trade commissioner Karel De Gucht confirmed those feelings when he said, “A year and a half ago, there maybe was a risk of a domino effect. … But today there are, in the European Central Bank as well as in the commission, services working on emergency scenarios if Greece shouldn’t make it. A Greek exit does not mean the end of the euro, as some claim.” The more severe the backlash to austerity measures, the more likely Greece is viewed to leave the eurozone. Although contingencies are being put in place, the perceived future still has Greece in the eurozone. An ECB spokesman said, “There are many, many questions arising and many questions open about Greece, and most answers have to come from Greece, and we have to respect the ongoing political process. … Clearly, the future of Greece is in the eurozone. We are working on that.”

The Group of Eight summit, which is set to begin today, is most likely to focus on what European leaders are doing to curtail the speculation of a Greek exit and fears surrounding Spanish banks. London based trader Jonathan Plant said, “We are potentially reaching a sentiment bottom but also an hour of reckoning. … European leaders must address whether it is time to extend quantitative measures or facilitate debt write downs.” The speculation surrounding Greece’s exit has basically removed about $4 trillion dollars from global markets.

At 9:10 a.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold: $1,589.90, Up $13.50.
  • Silver: $28.42, Up $0.32.
  • Platinum: $1,460.00, Up $4.60.
  • Palladium: $607.30, Down $0.60.

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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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