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Morning Gold & Silver Market Report – 2/6/2012

Gold & Silver Retreat on Renewed Greek Debt Concerns

For too many weekends in a row, the market has been lead to believe that a deal was imminent between Greece and its private creditors. Today, another deadline has moved on without a deal, and the European Union (EU) and the International Monetary Fund (IMF) are losing patience. French President Nicolas Sarkozy simply said, “We want an accord.” He further stated, "Greece's leaders have made commitments and they must respect them scrupulously ... Europe is a place where everyone has their rights and duties. Time is running out, it needs to be concluded, it needs to be signed." If Greece fails to get bail out money from the EU and IMF, it could be thrown into a default, which could threaten the existence of the euro zone.

Iran continues to be in the news, as the world waits to see if Iran will react aggressively to the tightening international sanctions. These sanctions are designed to shrink the Iranian economy, increase inflation and drive down the value of its currency. Two questions arise on these international actions. Will these measures actually be enough to deter Iran from pursuing its nuclear ambitions? Will they provoke Iran into taking harsh retaliatory measures? There has been much speculation of late that Israel may be planning an attack on Iran. In an interview with Matt Lauer on NBC yesterday, President Obama indicated that Israel has not made up its mind, but the international community is mobilized in the event action is necessary.

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

  • Gold price - $1,717.10 – down $21.70
  • Silver price - $33.22 – down 60 cents
  • Platinum price - $1,613.70 – down $19.20
  • Palladium price - $697.80 – down $12.10

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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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