Mid-Day Gold & Silver Market Report, 06/12/2012

Brandi Brundidge

6/12/2012 12:14:00 PM

GOLD GAINING MOMENTUM AS SPANISH BOND YIELDS CLIMB   

Gold continued to march into positive territory in midday trading and appears to be gathering momentum. The euro gained ground relative to the dollar, and other commodities (including copper) are seeing prices rising, as well. “(We had) a small pop higher in the euro, and that was it,” Saxo Bank Vice President Ole Hansen said. “The market wants to go higher now and it has taken comfort from the fact that buyers returned fairly quickly after the selloff last week.”

The American stock market is holding on to some gains today even as Spanish bond yields are hitting historic highs. There is still concern over Spanish debt levels and questions about the bank rescue deal there. “Into their close, both Spanish and Italian bonds are bouncing off their (price) lows. The daily eggshells we walk on this week over Spain will of course be followed by Sunday’s election in Greece and what, if anything, the FOMC (Federal Open Market Committee) will announce next week,” said Peter Boockvar at Miller Tabak & Co. The coming election in Greece is being viewed as a major factor in its status in the eurozone.

At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:

• Gold, $1,612.90, Up $16.10.
• Silver, $28.96, Up $0.26.
• Platinum, $1,454.50, Up $3.20.
• Palladium, $623.20, Down $2.00.

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