Daily Gold & Silver Market Report – 3/9/2015

Paul Stevens

3/9/2015 10:47:00 AM

METALS ON MOVE AS ECB BEGINS NEW QE

Precious Metal prices are on the rise Monday after trading near four-month lows the previous week. Although metals have been pressured due to a strengthening U.S. dollar, Greece’s continued financial struggle along with a new round of quantitative easing (QE) by the European Central Bank (ECB) has provided support. Commerzbank commodity analyst Carsten Fritsch said, “It would appear that the markets are still unable to ignore the Greek situation – according to media reports at the weekend, the country’s financial state is evidently more precarious than previously assumed, meaning that Greece could require fresh funds sooner than anticipated.”

Global stocks fell Monday as investors monitor economic situations around the world.  As the ECB’s much anticipated 1 trillion euro bond buying program began Monday in an attempt to boost the economy, many investors are speculating the U.S. will raise interest rates sooner than expected. ING currency strategist Petr Krpata said, “The start of quantitative easing will be one of the key reasons why the euro will remain soft. We think the key driver to the euro's downfall against the dollar will be the further increase in short-term interest rates in the U.S.”

At 11:46 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,170.10 Up $2.60
• Silver, $15.86 Down $0.04
• Platinum, $1,151.80 Down $9.00
• Palladium, $825.10 Up $6.00

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