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Market Reports

Morning Gold & Silver Market Report – 2/1/2012


Precious metals prices were trading higher this morning. The euro was supported by relatively strong German economic data. However, concerns persist over the economic situations in Greece and Portugal, which are viewed as positives for Gold. That feeling is supported by Commerzbank analysts. In a note to investors, they wrote, “Concerns about Greece and Portugal are keeping demand for Gold high and supporting the price. Yesterday, Gold defied the downward trend in commodity prices and a firmer U.S. dollar, increasing to an eight-week high of $1,748 per troy ounce. … There has still been no breakthrough in negotiations (on Greek debt). … The sovereign debt crisis will thus continue to preoccupy the markets for some considerable time yet and should support the Gold price.”

Negotiations in Greece are poised to contain much volatility and vitriol this week, as meetings are taking place among financial and political leaders in hopes of reaching a resolution. Reforms and spending cuts are expected so Greece may receive the 130 billion-euro bailout from the International Monetary Fund. The problem for Greece is how to achieve those results without causing further burdens on Greek citizens, as one measure being discussed is to lower the minimum wage. As austerity measures are proposed, the IMF says a firm commitment is needed to secure any bailout. The head of the IMF’s Greece bailout is Poul Thomsen. In a news conference earlier today, Thomsen said, “We need assurances that whoever is in power after the election and reasonably wishes to make some changes in economic policy will make sure they are in line with the targets and the basic framework of the agreement. We will have to slow down a little as far as fiscal adjustment is concerned and move faster, much faster, with implementing reforms.”

The U.S. jobs market continues to show moderate growth. The ADP jobs report released this morning showed the addition of 170,000 workers in January. “The job market continues to grow at a moderate pace. … We’re on a gradually improving path for the labor market,” said senior economist Jonathan Basile of Credit Suisse. The Labor Department’s payroll data is set for release Friday and is expected to remain steady.

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

  • Gold - $1,747.30 – Up $8.40.
  • Silver - $33.89 – Up $0.56.
  • Platinum - $1,618.00 – Up $28.90.
  • Palladium - $696.70 – Up $9.40.

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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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