Mid-Day Gold & Silver Market Report, 7/25/2012
Brandi Brundidge
7/25/2012 12:04:00 PM
GOLD PRICE CLIMBS; EURO STILL IN JEOPARDY
The Gold price has made a significant move upward today due to uncommonly positive news from Europe. Andrey Kryuchenkov, an analyst at VTB Capital, said, “The (European Central Bank) comments that the (European Stability Mechanism) can eventually get a banking license and a pronounced euro rebound against the U.S. dollar drove Gold prices to two and a half week highs.”
The good news out of Europe today could be short lived. Reports from Spain and Greece are far from positive. In Spain, debt is getting to the point of needing a full bailout. In Greece, the problem is paying on the bailout already received. Greece’s Prime Minister Antonis Samaras said, “There are certainly delays in this year’s agreed program, and we must quickly catch up.” Another official, speaking on condition of anonymity, was more blunt: “The debt sustainability analysis will be pretty terrible.”
The issues in Europe have not gone unnoticed by United States Treasury Secretary Timothy Geithner. It has been seen that when a large global economic power such as Europe struggles, the effects are seen worldwide. “The economic recession in Europe is hurting economic growth around the world, and the ongoing financial stress is causing a general tightening of financial conditions, exacerbating the global slowdown,” Geithner said in testimony before the House Financial Services Committee.
At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,606.90, Up $28.70.
- Silver, $27.40, Up $0.50.
- Platinum, $1,400.50, Up $13.90.
- Palladium, $565.50, Up $2.90.
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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
