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Morning Gold & Silver Market Report – 1/30/2012

Gold & Silver Prices Decline Slightly in Early Trading

Although it is being reported that Greece and its private creditors are close to a deal, no deal was completed over the weekend. This, along with growing concerns about the world economy and sent the euro and world stocks lower in morning trading. As it has been lately, as so goes the euro, so goes gold and silver. The overall mood has turned cautious prior to today’s summit of European leaders.

Leaders from the 27 European nations are looking for ways to boost economic growth and jobs at a time they are experiencing deep budget cuts. While this may be the official theme of the meeting, Greece remains the big issue. European leaders are frustrated that Greece has not implemented the austerity measures agreed upon nearly two years ago when Greece received its first round of financial aid. German Finance Minister Wolfgang Schauble said that the euro zone might not grant another bailout unless Greece demonstrates it can get its financial house in order.

Chinese gold buying is setting records during the week-long Dragon Lunar New Year holiday. The Chinese Ministry of Commerce released numbers showing sales of gold, silver and jewelry rose by 57.6% at Caibai, one of Beijing’s largest gold dealers. “To most Chinese nowadays, gold is more convenient to cash in than other investment instruments,” said Guan Qiang of Caibai, “Despite common investment risks, the price of gold is clear and easy to judge.”

At 8AM (CT) the APMEX precious metal prices were:

  • Gold price - $1,725.90 – down $8.00
  • Silver price - $33.33 – down 54 cents
  • Platinum price - $1,610.10 – down $13.90
  • Palladium price - $685.30 – down $5.90

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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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