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Mid-Day Gold & Silver Market Report – 1/31/2012


Industrial demand for Silver is hitting a record high as the metal is being used in solar-panel products that will power 20 million homes, creating a spark of interest from investors. Barclays Capital estimates manufacturers will use 2.5% of Silver production in 2012, more than in 2011, and investors may buy 2,000 tons. Dan Smith at Standard Chartered Plc said, “Silver got hammered, and now we’re into a phase where it will do quite well. Appeal comes from its widespread use in both industry and investment. I think it’s relatively cheap.” Gold, meanwhile, has begun the year with a fresh start and a confident outlook. In a note, Ross Norman, chief executive of Sharps Pixley, wrote, “With Gold starting 2012 at a cracking pace … Gold may be poised to set fresh highs this year but much earlier than many -- ourselves included -- would have expected.”

For the past six months, Greece has been focusing on how to contain its debt obligations, and hopefully a resolution is close. German Chancellor Angela Merkel held nothing back when she said, “Greece’s debt sustainability is especially bad. You have to find a way through more action by the Greek government, more contributions by private creditors, for example, in order to close this gap.” Prime Minister Lucas Papademos is hopeful, saying, “The timeline is tight, but we are absolutely focused on the target of bringing the negotiations to a successful conclusion by the end of the week.”

The Conference Board’s Consumer Confidence Index fell to 61.1 from 64.8 in December. Economists had forecasted a better result, closer to 68. Consumers are more positive about the job opportunities available, but not income or rising gasoline prices. 

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

  • Gold - $1,732.00 – Down $0.90.
  • Silver - $33.20 – Down $0.40.
  • Platinum - $1,588.00 – Down $29.30.
  • Palladium - $688.00 – Down $1.60.

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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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