Daily Gold & Silver Market Report – 2/18/2015
Brandi Brundidge
2/18/2015 12:39:00 PM
GOLD PRESSURED BY GREEK FINANCIAL WOES
Gold fell 1.8 percent Tuesday on growing concern over Greece’s financial troubles. The Greek government will ask for an extension on its loan contract with the eurozone Thursday. “Greece remains the joker, and from looking at all markets from stocks to bonds and the euro the market firmly believes that a solution will be found despite all the current obstacles. Failure will attract buying of Gold, but for now traders are reluctant to get involved. Main attention today should be the [Federal Open Market Committee] minutes, considering the continued dislocation between where the market and where the FOMC have indicted rates will go,” Saxo Bank's head of commodity strategy Ole Hansen said. The Precious Metals market has been quiet this week with Chinese buyers absent during the Lunar New Year break. Hong Kong, Singapore and Malaysia join them on holiday over the next couple of days.
Greece’s financial bailout with the eurozone is set to expire at the end of February, and if their extension request is not granted, the country could begin defaulting on some of its liabilities as early as March. “Markets should be reassured that there is agreement being prepared between Greece and the Eurogroup and other institutions involved in Greece’s bailout program,” European Commission Vice President for the euro Valdis Dombrovskis told reporters in Brussels Wednesday. He explained the commission is “now working and looking if there is a possibility to find common ground toward this extension of the current program.”
At 1:40 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,203.60 Down $7.80
- Silver, $16.40 Down $0.07
- Platinum, $1,167.00 Down $11.00
- Palladium, $776.60 Down $7.70
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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
