Daily Gold & Silver Market Report – 7/15/2015
Brandi Brundidge
7/15/2015 9:48:51 AM
METALS AWAIT MARKET FACTORS; GREECE TRIES TO RESOLVE DEBT ISSUES
Gold and Silver are stable Wednesday morning ahead of three key influences expected today. First, Federal Reserve Chair Janet Yellen’s congressional testimony is expected to reveal further news on an interest rate hike. Second, the Greek parliament’s vote on austerity measures will hopefully be the last step in reaching a bailout agreement. “Greece developments have not had a bullish impact on Gold but further glitches in the Greek debt relief process could lend modest support to prices,” HSBC said in a note. Finally, investors are eyeing Chinese equity market as shares have fallen recently. “With a degree of short-term uncertainty present in each of the three major markets, investors and other players may wait before deciding to act,” Mitsui Precious Metals analyst David Jollie said.
Eurozone officials received a three-page paper from the International Monetary Fund (IMF) this weekend regarding Greece’s ability to deliver on the terms set for a financial bailout. “The dramatic deterioration in debt sustainability points to the need for debt relief on a scale that would need to go well beyond what has been under consideration to date-and what has been proposed by [eurozone authorities],” the paper, made public Tuesday, said. The IMF provided alarming news on Greece’s debt, stating even if they prolong debt maturities into the second half of the century, there’s no guarantee they would incur a positive financial future after the effects of capital controls.
At 10:45 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,150.80 Down $6.20
- Silver, $15.19 Down $0.25
- Platinum, $1,019.90 Down $9.50
- Palladium, $648.20 Down $10.90
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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
