Gold & Silver Prices are Holding at 7 Month Highs

Gold & silver prices are holding on to recent gains in early morning trading. Last week, gold and silver was up for the 4th week in a row. Gold prices have risen 13.2%, so far in 2012. According to Peter Fertig, a consultant for Quantitative Commodity Research, “if we do not see $1800 this week, that would not be a problem as, nevertheless, the signs are that precious metals are moving higher ECB Rally Sputters as Leaders Fail to Act on Spain, Greece — Business News – CNBC.”

Stocks in the European market are falling today, as once again their leaders fail to act on Greece or Spain. Markets had received a boost on the European Central Bank’s bond buying announcement, as well as the Federal Reserve QE3 announcement last week. Investors are frustrated because it would appear that instead of taking advantage of this “breathing space”, European finance ministers are in even less of a hurry to tackle critical issues. These policy makers decided to wait on three urgent issues: a bailout for Spain, a decision on Greece’s request for a two-year extension on bailout terms, and a common supervisor for European banks.

At 9AM EDT the APMEX precious metal prices were:

  • Gold price – $1,771.70 – up 10 cents
  • Silver price – $34.63 – down 4 cents
  • Platinum price – $1,698.80 – down $15.90
  • Palladium price – $692.70 – down $6.60