Daily Gold & Silver Market Report – 7/1/2015

Brandi Brundidge

7/1/2015 10:18:00 AM

GREECE DEFAULTS ON $1.7B LOAN; INVESTORS EYE GOLD AS SAFE HAVEN

On Tuesday, Greece became the first developed country to default on a loan from the International Monetary Fund. It’s still unknown if the eurozone will force Greece out of the European Union. At the last minute before defaulting, Greek Prime Minister Alexis Tsipras wrote a letter to the country’s creditors accepting their earlier terms with slight changes; however German Chancellor Angela Merkel stated no further negotiations will take place until Greece conducts its vote Sunday on accepting the terms set by the international lenders. The U.S. dollar rose 0.2 percent against other world currencies on the weak euro, while Gold held stable throughout this financial turmoil. 

Investors wonder why Gold hasn’t increased the past few days with what has occurred in Greece. ANZ commodity strategist Victor Thianpiruiyam stated, “We are in unchartered territory at the moment, so if something happens that raises the level of uncertainty or risk or contagion, Gold should benefit from that. It's unclear what the exact trigger or event could be at the moment. I would be buying Gold as an insurance against this but there's no guarantees it's going to get a bid.” Gold’s safe-haven appeal is always present as the possibility for market uncertainty is never absent.  

At 11:17 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,173.10 Down $1.90
• Silver, $15.74 Up $0.05
• Platinum, $1,090.40 Up $9.90
• Palladium, $699.00 Up $24.40

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