Closing Gold & Silver Market Report, 5/30/2012
Timothy Oakes
5/30/2012 4:09:00 PM
HOUSING DATA, EUROZONE BOOST GOLD’S SAFE HAVEN APPEAL
Precious Metals prices have been on quite a journey today. As eurozone issues continued to simmer and disappointing domestic housing data were released, early morning losses were replaced with gains throughout midday and afternoon trading. Portfolio manager James Dailey said, “This morning’s reversal is indicative that people are starting to come to grips with the fact that there isn’t any fast and easy solution in Europe. And if things start to really get out of hand in Spain and Italy, that means Gold can catch a bid.” Platinum price was also down with other industrial metals due to economic concerns.
News out of Europe still involves Greece but has been supplemented by concerns about Spain. Spanish banks continue to reel over the burst property bubble and flailing stock markets surrounding the banking sector. European Union Economic and Monetary Affairs Commisioner Olli Rehn has offered a couple of options for the Spanish government to consider, including another year to work out a solvent budget or direct financial aid to distressed banks. In a move of concern, the United States Treasury sent top official Lael Brainard to speak with Greece, Germany, Spain and France.
Domestic stock markets fell on the news of disappointing housing data, Greece’s future in the euro currency and the solvency of Spanish banks. Overseer Hayes Miller said, “It’s a high anxiety market. … We’re not anywhere near the end of Europe’s debt crisis. In the U.S., economists are making the point that if housing were to stabilize, consumption could grow. The question is: What’s going to allow the housing market to stabilize?”
At 5:05 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,563.60, Up $13.10.
- Silver, $27.97, Up $0.09.
- Platinum, $1,402.60, Down $27.50.
- Palladium, $608.00, Up $2.00.
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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
