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Morning Gold & Silver Market Report – 1/23/2012


Negotiations between Greece and private debt holders were still under way, but sources close to the situation report a deal is close and private bondholders stand to take a loss of between 65 to 70 percent. This news has driven the euro up, and precious metals along with it. Silver was well past $32 per ounce, and although off morning highs, Gold was continuing its three-week winning streak. Today, it is time for the eurozone finance ministers to weigh in and decide what terms of Greek debt restructuring they are willing to accept. Greece needs a second bailout from the International Monetary Fund to pay bond debts that will mature in March. If Greece cannot gain agreements on the debt restructuring, there will be no second bailout, and Greece will default on those loans. All parties hope to have an agreement worked out before the next European Union summit, set for Jan. 30.

Federal Reserve observers are split on whether there will be another round of quantitative easing. According to the CNBC January survey, about half of the respondents believe there will be a QE3, while 44 percent say no. These same respondents are optimistic on the economy, as long as the European crisis does not turn for the worse and create a significant global event.

The European Union has banned oil imports from Iran and joined the United States in a new round of measures aimed to prevent Tehran’s nuclear development program. This might hurt Italy and Greece, as they rely heavily on Iranian oil. Iran responded with additional threats to close the Strait of Hormuz.

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

  • Gold - $1,670.70 – Up $5.20.
  • Silver - $32.36 – Up $0.61.
  • Platinum - $1,549.20 – Up $15.90.
  • Palladium - $679.70 – Up $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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