Closing Gold & Silver Market Report 04/17/2012
Brandi Brundidge
4/17/2012 4:24:00 PM
GOLD POISED TO CLOSE HIGHER; BRENT CRUDE LOWER
The Gold price appeared poised to close higher, which would snap a two session run of lower pricing. Gold recently had been moving down along with broader markets over concerns that Spain may have trouble repaying its debt. If this concern continues to grow, it could push Gold back to a more negative correlation to riskier assets, and boost Gold prices. “We expect that if European credit conditions continue to deteriorate, Gold (along with the dollar) could start to better reflect the growing tensions by moving higher,” said Edward Meir, metals analyst at INTL FCStone.
Argentina’s plans to seize YPF have drawn condemnation and a promise of economic retaliation from Spain. YPF is the largest oil company in Argentina and is controlled by Spanish energy group Repsol. “I must express my profound unease. It’s a negative decision for everyone,” Spanish Prime Minister Mariano Rajoy said. He said the Spanish controlled company was being expropriated “without any justification.”
Brent crude prices moved lower today, as the United States plans to cut oversupply by reversing the Seaway pipeline. The oversupply has been pushing U.S.A. benchmark crude prices down. Also helping to offset Brent crude’s premium to its U.S.A. counterpart was an easing of concerns over supply disruptions in the Middle East.
At 5 p.m. (EDT), the APMEX precious metals spot prices were:
- Gold - $1,650.80 – Up $0.60.
- Silver - $31.75 – Up $0.32.
- Platinum - $1,585.60 – Up $10.80.
- Palladium - $663.00 – Up $11.30.
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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
