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Market Reports

Morning Gold & Silver Market Report – 1/24/2012


European finance ministers rejected a proposal by the private holders of Greek debt and are balking at putting in additional public money if the private investors are not willing to take a bigger haircut. This news has sent European stocks down, along with the euro. The Greek debt crisis remains cloaked in uncertainty, as the debt restructuring issue is far from resolved. Hedge funds, which account for a large number of the private debt holders, are preparing for a legal battle with Greece. The hedge funds want either all of their money, or they want Greece to default. Hedge funds have bought insurance as a hedge against default, so they stand to get their money back in either scenario.

U.S. stock futures are slipping over the standoff in Greece. If that holds today, it will snap a five-day rally. “There’s too little movement on the political front in Brussels and Athens,” said Witold Bahrke, a senior strategist at Copenhagen PFA Pension A/S, where he helps manage assets worth $45 billion. “Markets are experiencing a small setback.”

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

  • Gold - $1,666.20 – Down $13.60.
  • Silver - $32.18 – Down $0.18.
  • Platinum - $1,543.80 – Down $18.30.
  • Palladium - $679.00 – Down $10.80.

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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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