Closing Gold & Silver Market Report – 3/25/2013

Brandi Brundidge

3/25/2013 3:57:00 PM

GOLD FEELING PRESSURE OF CYPRUS

Gold is holding above $1,600 even as concerns develop over the new Cyprus agreement. “Although there is still some uncertainty around the details of the Cyprus deal, the assumption is that it will now be finalized and will meet the conditions that the EU expected and that puts pressure on Gold,” SocGen analyst Robin Bhar said. Analysts suggest there should have been a greater draw to the yellow metal, as Europe’s September 2011 financial crisis caused. The market has reacted a bit more cautiously this time around, patiently awaiting a solution that would prevent contagion to surrounding countries.

The market is perturbed with Dutch Finance Minister Jeroen Dijsselbloem’s response to future financial troubles abroad and how international depositors could be held responsible. Dijsselbloem commented on future bailout plans, saying, “If the bank can't do it, then we'll talk to the shareholders and bondholders, we'll ask them to contribute in recapitalizing the bank, and if necessary the uninsured deposit holders.” Investors are concerned about putting their money in international investments, especially if they will be accountable to assist another country’s financial woes.

At 5:00 p.m. (EDT), the APMEX Precious Metals spot prices were:

• Gold, $1606.60, Down $2.00.
• Silver, $28.88, Up $0.12.
• Platinum, $1588.00, Up $4.30.
• Palladium, $756.00, Down $4.50.

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