Closing Gold & Silver Market Report – 3/21/2013
Brandi Brundidge
3/21/2013 3:44:00 PM
NEW PROPOSAL IN WORKS FOR CYPRUS
Gold is close to a one-month high as the market has been alarmed by worldwide financial decisions this week. Both the Cyprus bailout and confirmation of the United States Federal Reserve’s continued monetary easing have been reason enough to provide a boost for Gold. “The overnight evaluation of the FOMC (Federal Open Market Committee) statement is being treated a little more bullishly than it was than the first knee-jerk analysis,” HSBC Bank USA’s chief commodities analyst James Steel said. “You still can't discount the safe-haven impact from Cyprus--it hasn't gone away yet.”
The Central Bank of Cyprus Governor Panicos Demetriades unveiled a new proposal in an attempt to save the troubled country from bankruptcy. The measures would “protect bank deposits totaling 100,000 euros ($129,000) or less,” while deposits over that amount would be subject to a deposit tax. “At the current juncture it looks like the more ‘reasonable’ solution would be a combination of factors. Cyprus could decide to mobilize some domestic resources, proceed in the direction of the restructuring of its main banks, and the introduction of a less-strict deposit tax that protects deposits below €100,000 or so,” London’s Newedge Strategy economist Annalisa Piazza said.
At 5:15 p.m. (EDT), the APMEX precious metals spot prices were:
- Gold, $1616.40, Up $6.40.
- Silver, $29.21, Up $0.33.
- Platinum, $1583.40, Down $1.10.
- Palladium, $754.40, Down $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
