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Morning Gold & Silver Market Report – 1/17/2012


Positive economic data out of China and Germany have boosted markets this morning. Gold is enjoying a price rise of nearly 2%, while Silver, Platinum, and Palladium prices are up even more. Speaking about Gold’s price so far in 2012, Macquarie analyst Hayden Atkins said, “Interest came back in really at the start of the year. That rally, from where it was looking pretty dicey into year-end, has been a reinvigoration of interest. Now it is taking any excuse to trade up. The interest is already there.”

China’s gross domestic product increased by 8.9% in the fourth quarter of 2011, which was better than expected. Since China’s economy is primarily export-based, positive data out of the country is a good sign for the global economy, as well. This better-than-expected data has provided a boost for commodities, and precious metals are benefiting from that. Prices of precious metals also are being helped by good news out of Germany, which has provided a boost for the euro against the U.S. dollar.

In a statement that shocked no one, Fitch Ratings said that Greece will default on its debt, though the default would be an orderly one.  Regarding private investors taking a haircut on Greek debt to avoid defaulting, Fitch’s Edward Parker said, “We have said for a long time that we don’t think that (the haircut) is the way to go, and we would treat it as a default. It clearly is a default, however they try to spin it. It (a disorderly default) would be, for us, the really damaging situation, but one which we are certainly not expecting to happen because, clearly, in a rational situation you would think Greek politicians and European policymakers would ensure that it doesn’t happen.”

At 8 a.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,661.90 – Up $30.10.
  • Silver - $30.41 – Up $0.82.
  • Platinum - $1,528.20 – Up $40.40.
  • Palladium - $659.60 – Up $23.60.

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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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