Precious metals, stocks, and currencies all seem to be trading quietly this morning. Many investors are expecting the European Central Bank (ECB) to announce some sort of stimulus or support the markets some other way soon. However, strategists at Barclays said, “The bottom line is that in the near term, the policy response (by the ECB) is likely to be fairly limited, except if there is a serious further deterioration in sentiment or economic conditions.”
The gold price is slightly positive, staying over the $1,560 mark for the time being. Lynette Tan of Phillip Futures said, “(Gold) is also weighed down by dollar strength and we see any positive economic or employment data from the U.S.A. as pressuring gold.”
Economists have estimated that Greece leaving the eurozone could impact the U.S.A. to the tune of one-tenth to one-half of a percentage point in gross domestic product growth. Reuters recently lined out three possibilities, and the ramifications of each: The eurozone stumbles along, Greece leaves, or a messy situation where Greek leaves and damage spreads.
At 9 a.m. (EDT), the APMEX precious metals spot prices were:
- Gold – $1,565.10 – Up $6.10.
- Silver – $28.22 – Down $0.03.
- Platinum – $1,428.00 – Up $3.60.
- Palladium – $591.40 – Down $1.90.