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Mid–Day Gold & Silver Market Report – 1/13/2012

FRANCE’S CREDIT RATING DOWNGRADED; WHO’S NEXT?   

Gold and Silver prices are down slightly since this morning’s report. Both Gold and Silver declined sharply on the announcement that France has been downgraded by Standard & Poor’s, but the metals have since recovered to near their 8 a.m. prices. The stock market currently is down triple digits. It is expected that several other eurozone countries will be downgraded before the day is over. Downgrades may force some investment funds to sell bonds because they have a requirement that a set percentage of their bonds be AAA-rated. For those countries that would be affected, this could raise their borrowing costs. At a time when debt is rising and GDP (income) is declining, the last thing these countries need is for borrowing costs to rise.

Is there anyone who does not remember the “flash crash” of May 2010? A trillion dollars in shareholder equity was lost in a matter of minutes. The demand for answers on how such an event could occur was harsh and immediate. But more than a year later, there are still no answers. The Securities and Exchange Commission is pushing hard on the exchanges. After all, they were embarrassed by their lack of answers on the “flash crash,” then Bernie Madoff came up and made them look bad again. We should expect bigger government intervention, but no answers at the moment. It makes one wonder if such an event could happen again?

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

  • Gold - $1,631.80 – Down $15.90.
  • Silver - $29.63 – Down $0.56.
  • Platinum - $1,485.90 – Down $13.20.
  • Palladium - $633.50 – Down $8.80.

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Disclaimer:
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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