Precious metals have deflated since Bernanke’s testimony earlier this week

 

Precious metals have deflated since Bernanke’s testimony earlier this week, but remain poised for the first overall weekly increase in about a month. Physical demand of gold is still hurt by India’s currency issues and a weakening ETF market as well. Analyst David Wilson’s remarked, “Given the collapse of the rupee, gold prices in India are still close to record highs, which is killing the jewelry market at the moment… Physical investor demand, when you look at ETFs, is not positive, so you would need speculative demand to be making up the difference, and it’s not. That’s related to the issue of growing skepticism over whether there will be U.S. QE.”

Meanwhile a Spanish bank bailout has been agreed to pending the actual bank audit to see just how bad the property loan situation actually is. Luxembourg’s finance minister Luc Frieden said, “We have formalized what we discussed in the past two Eurogroup meetings. We have formally approved the memorandum that lays out the conditions under which Spain can be lent money for the recapitalization of its banks… The approval of all 17 ministers is there, and that means that the program can continue. Money will not flow immediately, because work on the analysis of the specific banks is ongoing.” The audit is expected to be completed by mid-September.

Meanwhile concerns continue to mount over the correct response to the escalating violence in Syria following Russia and China’s veto of the U.N.’s proposal. The rumors swirling President Assad has agreed to give up power are being shot down. The clamor for military assistance is not there the same way it was in Libya either. The overall feeling is that “the regime is going through its last days,” according to rebel leaders.

At 9:00 a.m. (EDT) – the APMEX Precious Metals spot prices were:

  • Gold – $1,578.80 – Down $3.20.
  • Silver – $26.98 – Down $0.33.
  • Platinum – $1,411.40 – Down $11.70.
  • Palladium – $578.40 – Down $7.50.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

 

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Eurozone worries mount; precious metals on the move

Early morning precious metals prices have been fairly volatile on eurozone debt fears and the escalation of violence and rhetoric involving Syria. Analyst Robin Bhar said, “Gold is capped on the upside by disappointment post-Fed, while on the downside, we have some bargain hunting, and a bit of physical buying into the troughs… We are stuck in a fairly small range here, in the 1570-1600 area, certainly until the weekend when we will get to hear more on how the euro zone will be (tackled).”

The eurozone debt issues continue to escalate after the announcement of a fifth eurozone nation applying for aid. Although Cyprus, the fifth nation seeking aid, is a much smaller “hit”, the combined impact of rising Italian and Spanish yields, Greek resolution, and monetary bailout has European leadership at a crucial crossroads. A summit has been put together to overcome some hurdles the European Union is now facing. Basically the whole of Europe is interested in a single treasury and euro bond, except Germany, but Germany is, at this point, the only truly solvent nation and facing their own issues in being the benchmark, if you will, as production and consumer sentiment in Germany has slid over the last couple of months. Chairman Jim O’Neill said, “The euro crisis is in some ways mind-bogglingly simple to solve … because it isn’t economics, it’s politics… If Angela Merkel and her colleagues stood there together with the rest of the euro area … and if they behaved as a true union this crisis would be finished this weekend.”

At 9:00 a.m. (EDT) – the APMEX Precious Metals spot prices were:

  • Gold – $1,579.80 – Down $9.10.
  • Silver – $27.30 – Down $0.33.
  • Platinum – $1,436.10 – Down $5.30.
  • Palladium – $602.50 – Down $5.80.
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Gold Swings Between Gains and Declines Before Greek Vote

Gold Swings Between Gains and Declines Before Greek Vote (BusinessWeek)

Gold Edges Higher, Traders Warily Eye Europe (WSJ)

Wall St ends down amid Greek vote fears (Reuters)

Companies start to pay or increase dividends (USA Today)

Is Syria in a civil war? (CNN)

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Wednesday links: Gold eases on Spain

Syria selling gold reserves as sanctions bite: sources (Reuters)

PRECIOUS METALS HIGHLIGHTS: Top Stories Of The Day (Nasdaq)

Gold Eases As Traders Watch Spain (WSJ)

Gold ends lower as demand’s seen lacking (MarketWatch)

Precious metals prices remain down across the board following morning and mid-day trends (APMEX)

US STOCKS-Wall St falls on day after big gains as IBM, Intel drag (Reuters)

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