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Closing Gold & Silver Market Report – 2/9/2012

SAME SONG, DIFFERENT TUNE

Precious metals prices were mostly lower this afternoon on news that Greece had secured a debt-resolution deal and will implement austerity measures required to receive the second part of a 130 billion-euro bailout. Some people remain skeptical as to whether this will help Greece and the eurozone debt crisis or just kick the can farther down the road, keeping Gold from falling too far. Another scenario being contemplated is Greece’s exit from the eurozone, which, said Phil Streible, senior commodities broker at RJO Futures, would be “like trimming the cancer off,” ultimately resulting in stronger support for Gold.

U.S. stocks rose for a third day in a row, driven by the Greek deal and the latest report of fewer jobless claims in the U.S. Michael Gibbs, director of equity strategy at Morgan Keegan, commented on the rise of the markets. “We’ve made some significant moves in a short period of time.” However, Chip Cobb, portfolio manager at Bryn Mawr Trust, was not so optimistic, saying it might be better to hold the applause over the Greek situation. “How many times have we been down this path and come out with nothing?” he asked.

At 4 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,730.30 – No change.
  • Silver - $33.93 – Up $0.18.
  • Platinum - $1,660.70 – Down $8.40.
  • Palladium - $711.30 – Down $5.70.

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Disclaimer:
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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