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bsiong
Supreme |
16-Sep-2011 10:58
Yells: "The Greatest Wealth is Health" |
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Gold heads for biggest weekly drop since MaySINGAPORE, Sept 16 (Reuters) - Gold extended losses on Friday, heading for its biggest weekly drop since May, after stock markets gained and the euro rose as the world's major central banks moved to ease funding for European banks in a coordinated effort to solve Europe's debt crisis. FUNDAMENTALS * Spot gold fell $9.20 an ounce to $1,779.44 by 0013 GMT after falling 2 percent in the previous session. Gold was well below a lifetime high around $1,920 struck last week. * U.S. gold futures GCcv1 added $2.10 an ounce to $1,783.50. * U.S. Treasury Secretary Timothy Geithner will discuss with European finance ministers the possibility of leveraging the euro zone's bailout fund to make it more effective in fighting the region's debt crisis. MARKET NEWS * Japan's Nikkei benchmark rose on Friday, as coordinated action by central banks calmed fears that Europe's financial sector was headed for a credit freeze due to the region's sovereign debt crisis. * The euro clung to gains against the dollar on Friday, boosted by key central banks coordinated action to add liquidity to the European banking system, but the rally is unlikely to last as the Greek debt crisis remains in a critical state. * Brent crude jumped by almost $3 to above $115 a barrel on Thursday after central banks launched coordinated action to boost European bank funding and as diesel and heating fuels rallied. |
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bsiong
Supreme |
16-Sep-2011 10:56
Yells: "The Greatest Wealth is Health" |
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Closing Gold & Silver Market Report – 9/15/2011September 15, 2011 GOLD DROPS TO THREE-WEEK LOW ECB ANNOUNCES DOLLAR FUNDING In the time between the Mid-Day Gold & Silver Market Report and the posting of this report, gold has rebounded slightly. Despite that rebound, the precious metal still ended the day down 2.5%. This reflects a drop to gold’s lowest point in three weeks. With the European Central Bank releasing details about a plan to avoid money market freezing, investors looked less to the safe haven of gold and more to riskier investments. Silver and platinum also fell during afternoon trading, with only palladium seeing any kind of an increase. The European Central Bank (ECB) has announced that it will coordinate with several of the world’s most prominent central banks on a campaign to provide banks with the U.S. dollars needed to avoid funding deficiencies. With U.S. money market funds and other dollar lenders worried about the threat of default by Greece, some banks have found it difficult to get dollar funding for extended periods. According to the ECB, " The European Central Bank has decided, in coordination with the (U.S.) Federal Reserve, the Bank of England, the Bank of Japan and the Swiss National Bank, to conduct three U.S. dollar liquidity-providing operations with a maturity of approximately three months covering the end of the year." In response to the ECB announcement, both the euro and shares in European banks jumped dramatically. An interesting event took place on in New York City today as business magnate Donald Trumpaccepted gold bullion from American Precious Metals Exchange CEO Michael Haynes as a down payment on a 10-year commercial lease for office space at the Trump Tower located at 40 Wall Street. The agreement, which marks the first time the Trump Organization has ever accepted gold bullion in lieu of a cash for a security deposit, is for the lease of the entire 50th floor of the Trump Tower to house APMEX’s marketing and finance operations. The bullion was presented to Mr. Trump in the form of three, one kilo, .9999 pure gold bars. At 4:15 PM (CT), the APMEX precious metals spot prices were: · Gold - $1,790.50 - Down $34.50 · Silver - $40.00 - Down $0.56 |
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bsiong
Supreme |
16-Sep-2011 01:08
Yells: "The Greatest Wealth is Health" |
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Stephen Leeb - Gold, Minimal Downside, $12,000 Upside .... more |
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bsiong
Supreme |
16-Sep-2011 00:37
Yells: "The Greatest Wealth is Health" |
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Morning Gold & Silver Market Report – 9/15/2011September 15, 2011 SOFTENED STANCE ON GREECE, JOBS DATA WORSENS From the Closing Gold and Silver Market Report to now, precious metals pricing has seen a downward turn, primarily on the growing confidence that Greece can be bailed out. Not everyone shares that rosy outlook. " It's the denial stage that's taken hold of all the markets—(a belief) that everything's going to be fine, the EU and U.S. leaderships can manage to put their economies to rights," said VM Group analyst Carl Firman. " I don't think that is the case, and I think it's only a matter of time before that comes home to roost. The gold price is probably going to benefit from that." However, those losses are already being changed to gains on weaker than expected factory and jobs data. After Chancellor Merkel’s warnings to financial ministers and other leaders to watch what they say to avoid market volatility, it seems to be working. EU Economic and Monetary Affairs Commissioner Olli Rehn came out and basically said that after the inspections were done, he expects Greece to hit all fiscal targets. He said, " Over the last weekend, the Greek government took very important decisions that go a long way to meeting the fiscal target for this year…It is now essential that they go all the way and convince their partners so that they can expect a decision to be taken by the euro area and the IMF in time before the next hurdles of financing will emerge.” There is still strong opposition to any use of a euro bond. The national economic news has caused a bit of a bump in the road today, as applications for unemployment benefits unexpectedly increased. Instead of hitting the estimated 411,000, it actually rose to 428,000. The consumer price index (CPI) also rose 0.4% following the 0.5% increase in July, and New York manufacturing data dwindled for a fourth consecutive month. At 8:00 AM (CT) the APMEX precious metals spot prices were:
 the greatest wealth is health . |
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bsiong
Supreme |
16-Sep-2011 00:34
Yells: "The Greatest Wealth is Health" |
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Gold tumbles as EU leaders reassure on Greece(Reuters) - Gold fell to its lowest since late August on Thursday after signs that euro zone leaders are committed to keeping Greece in the euro ignited investor appetite for riskier assets at the expense of perceived safe havens, including German debt. Equities and the euro got an additional boost from the world's largest central banks, including the Federal Reserve, the European Central Bank, the Bank of Japan, the Swiss National Bank and the Bank of England, saying they would reintroduce three-month operations to increase dollar liquidity as the degree of uncertainty has made banks wary of lending to each other. Spot gold was down 2.1 percent at $1,783.49 an ounce at 1405 GMT, having earlier dipped as low as $1,778.49 and is set for its first monthly decline since June, although it is still one of this year's best-performing commodities, however, up more than 27 percent since January. Gains in so-called higher risk assets are curbing a further rise. European shares rose on Thursday as investor sentiment was boosted by Wednesday's conference call betweenFrance, Germany and Greece. .EU " People don't feel any more confident about the outlook for Europe, but obviously, there must be a bit more positivity for holding riskier assets," said Societe Generale analyst David Wilson. " I still think the general trend for gold is upward, but it's a saw-toothed pattern and at the moment, we're on the downside," he said. The latest U.S. data showed an above-forecast rise in weekly U.S. jobless claims, and August inflation cooling, along with a surprisingly large contraction in a reading of regional manufacturing, highlighting the weakness in the U.S. economy. " It's the denial stage that's taken hold of all the markets -- (a belief) that everything's going to be fine, the EU and U.S. leaderships can manage to put their economies to rights," said VM Group analyst Carl Firman. " I don't think that is the case, and I think it's only a matter of time before that comes home to roost. The gold price is probably going to benefit from that." German government bond futures staged their largest one-day fall in six months on signs of more willingness from policymakers to solve Greece's debt crisis, prompting some to trim positions in safe-haven bonds. French and German leaders told Greece on Wednesday it was vital to implement reforms set under a bailout plan. Patience is wearing thin among euro zone members with Greece's failure to meet fiscal and structural reform targets. CALMER WATERS Gold prices have steadied after the extreme volatility seen earlier this month, which saw prices trading in a greater-than-$50 range for five successive trading sessions. " It is clear that the gold market is sorely in need of inspiration here," said UBS analyst Edel Tully in a note. " Short of an intensification or calming of the euro zone debt crisis, or a massive surprise from U.S. data, the gold market will likely have to wait for next week's (Federal Reserve) meeting for fresh impetus." Metals consultancy GFMS said in a report on Thursday that it expected gold prices to break through $2,000 an ounce by year-end, as recovering investment added to already strong bar, jewelry and official sector buying. World investment -- which includes activity in the coin and bar, exchange-traded fund, Comex and over-the-counter sectors -- is expected to climb 1 percent this year despite a sharp drop in interest in the first quarter. On the supply side of the market, a Libyan central bank official last night poured cold water on the idea that the cenbank would sell more of its gold, after 29 tonnes was disposed of in April/May this year. Silver was down 1.6 percent at $40.01 an ounce, spot platinum was down 1.1 percent at $1,787.49 an ounce, and spot palladium was up 1.0 percent at $722.22 an ounce. BNP Paribas raised its silver and platinum forecasts and cut its palladium price view for this year and next. It said while higher gold prices were likely to benefit silver and platinum, palladium, the most industrial of the major precious metals, was vulnerable. " Palladium is the only precious metal to have fallen in price in the year to date. Its fundamentals have steadily deteriorated during the year," it said. " We now expect the market to be in surplus in 2011 and into the first half of 2012." (Reporting by Jan Harvey Editing by Alison Birrane) the greatest wealth is health . |
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bsiong
Supreme |
15-Sep-2011 08:57
Yells: "The Greatest Wealth is Health" |
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Gold steadies after fall eurozone hopes weighSINGAPORE, Sept 15 (Reuters) - Gold steadied on Thursday but was still under pressure from rising equities and optimism over tentative steps by European policy makers to resolve and contain the region's debt crisis. FUNDAMENTALS * Spot gold added $5.39 to $1,825.49 an ounce by 0017 GMT, having fallen 0.7 percent in the previous session. Bullion was well below a lifetime high around $1,920 an ounce struck last week. * U.S. gold futures GCcv1 added $1.1 to $1,827.60 an ounce. * The leaders of France and Germany told Greek Prime Minister George Papandreou in a conference call on Wednesday it was vital to implement reforms and meet fiscal goals set under a July 21 bailout plan. MARKET NEWS * The Nikkei average rose on Thursday after U.S. stocks marked their third day of gains following European leaders' suggestion of renewed resolve to contain the euro-zone debt crisis. * The euro held on to gains against the greenback in another volatile session on Thursday, boosted by stronger stocks and calming words from European leaders about Greece's future, but sentiment remains extremely fragile. * Brent crude rose Wednesday on hopes the euro zone's debt
crisis would ease, while U.S. oil futures fell following
data showing a surprise increase in U.S. product inventories.
the greatest wealth is health . |
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bsiong
Supreme |
15-Sep-2011 08:55
Yells: "The Greatest Wealth is Health" |
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Closing Gold & Silver Market Report – 9/14/2011September 14, 2011 GOLD UP 29% IN 2011 CHINA AND INDIA GOLD DEMAND STILL STRONG Precious metals are up from mid-day trading prices. China’s announcement to help the eurozone has somewhat eased tensions over the financial crisis, for now, giving gold a rest as investors take a shot at riskier investments. As mentioned in this morning’s commentary, the dollar has done well today which has also taken away from the safe haven buying of gold. Prices are still up 44% since a year ago, 29% since January 2011, making an 11th straight year of annual gains. Commerzbank is reporting that India and China continue to be strong supporters of gold demand. The National Bureau of Statistics says that despite China’s gold production soaring to approximately 454.8 tons for the first 8 months of this year, the country has still imported close to 390 tons of gold in the first half of this year. Will Rhind, Head of U.S. Operations for ETF Securities, says, “The picture is still very much the same for gold. The world is running out of safe havens…but once this initial selling goes through we will see higher gold prices.” At 4:00 pm (CT) the APMEX precious metals spot prices were:
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hlfoo2010
Veteran |
14-Sep-2011 23:51
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POOR GUY, where is his wife, kids, friend and CONgress ?? |
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bsiong
Supreme |
14-Sep-2011 23:08
Yells: "The Greatest Wealth is Health" |
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Poverty In America: A Special Report |
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bsiong
Supreme |
14-Sep-2011 23:06
Yells: "The Greatest Wealth is Health" |
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Newmont Mining CEO on Gold Prices, China Demand |
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bsiong
Supreme |
14-Sep-2011 23:00
Yells: "The Greatest Wealth is Health" |
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Gold falls after EU debt plan feeds risk appetite* Euro-priced gold holds just below record highs * Correlation with equities breaks down * Coming up: U.S. August CPI Thursday, 1230 GMT LONDON, Sept 14 (Reuters) - Gold fell by nearly 1 percent on Tuesday after European leaders appeared to take a fresh step towards quelling the euro zone debt crisis, which dented other safe-haven assets, in spite of more data highlighting the fragility of the U.S. economy. Gold priced in euros also came under pressure from the pick-up in the single European currency but remained within less than 2 percent of record highs struck the day before. European Commission President Jose Manuel Barroso said the group would examine how the euro zone could issue bonds jointly, which investors took as a step towards solving the debt crisis, but he added this would be no magic bullet to the end of the problem. Equity markets on both sides of the Atlantic rose following Barroso's comments, which weighed on gold and other safe-havens such as German government bonds. But analysts said that with no immediate solution to the crisis in sight, the bullion price would continue to react to surges and retreats in investor appetite for risk. Spot gold was last down 0.8 percent at $1,818.49 an ounce at 1405 GMT, having lost 2.0 percent so far this week and set for its second weekly fall, its longest since early July. Gold priced in euros was last down 0.7 percent at 1,329.99 euros an ounce, just 1.8 percent shy of the all-time high at 1,373.92 euros hit on Monday. " The upside is a little capped at the moment. While the ongoing economic concerns, in Europe in particular are gold-positive, it's not enough at the moment to create a catalyst to drive prices higher." " In general, broad, fresh investment demand has slowed. We had a pickup in speculative positions last week, but ETF flows and coin sales have slowed as well, so we're missing that momentum." Concern about the deepening European debt crisis grew after Moody's Investor Services cut its ratings on the debt of France's two largest investment banks because of their exposure toGreece, while Italy paid more in interest at a sale of its five-year bonds than at any time since joining the euro.
U.S. WORRIES Also reflecting the unease in Washington over the crisis, U.S. Treasury Secretary Timothy Geithner took the unprecedented decision to attend a meeting of EU finance ministers on Friday. Greek Prime Minister George Papandreou, French President Nicolas Sarkozy and German Chancellor Angela Merkel are due to hold a conference call later on Wednesday after talk resurfaced among euro zone policymakers about a Greek default. U.S. data showed wholesale inflation slowed in August and retail sales stalled, after consumer confidence plunged after a bruising battle over the U.S. budget slammed stock prices and pushed the nation to the brink of default. Fear of the spread of the debt crisis to the larger economies of the euro zone has been a major driving force behind gold's 22-percent rally this quarter. Flows of metal into exchange-traded funds backed by physical gold -- one of a number of gauges of investor demand for gold -- have risen by 4 percent so far this quarter, compared with a 1 percent rise in the third quarter of 2010. The dollar's strength against the euro has acted as a brake on gold, which usually reacts negatively to a rising U.S. currency. But gold's correlation with the dollar has also eroded ahead of the Federal Reserve's policy meeting next week, which will provide the markets with the next signal on where U.S. monetary policy is headed to revitlise the flagging economy. " As long as the dollar remains buoyant, it will hamper gold's potential," said UBS strategist Edel Tully in a note. " Moreover, as we have often noted, gold is not immune to downward pressure whenever risk aversion becomes extreme and assets are broadly sold to raise cash: while we are not quite there yet, tension is definitely building up and equities are trading heavy," she said. After having spent trillions of dollars over the last couple of years on buying government debt to anchor market interest rates and committing to keeping U.S. rates around zero for at least two years, many fear the Fed may be running out of options to kickstart growth and job creation. The prospect of another round of bond-buying, or quantitative easing, seems to have receded and the Fed is now widely expected to signal it will sell shorter-dated Treasuries and buy longer-dated debt to lower longer-term interest rates. Gold has been a major beneficiary of the Fed's QE programme, having risen by 40 percent since the start of the central bank's $600-billion bond-buying spree that ended in June, thanks to the rise in liquidity and the downward pressure on interest rates that make it a more attractive investment. In other precious metals, silver was down 0.1 percent at $41.00 an ounce, platinum was flat at $1,809.74 an ounce, while palladium was down 0.1 percent at $720.75 an ounce. (Editing by Alison Birrane)=========================================== the greatest wealth is health .============================================ |
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bsiong
Supreme |
14-Sep-2011 22:54
Yells: "The Greatest Wealth is Health" |
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Morning Gold & Silver Market Report – 9/14/2011September 14, 2011 FRENCH BANKS DOWNGRADED FED PREPARES TO DO THE ‘TWIST’ Precious metals were mostly down throughout overnight trading, while stock futures were down before turning higher earlier this morning. The Producer Price Index and retail sales numbers were released at 7:30 am (CT), and showed virtually no change from July’s numbers. Even though this was in line with expectations, stock futures have given up recent gains, while precious metals pared losses. The PPI is seen as a good indicator of inflation. While food prices rose, fuel prices dropped, giving us a flat result overall. After a recent review, Moody’s Investors Service downgraded the credit ratings of two prominent French banks, Societe Generale and Credit Agricole. Word that the banks were under review for downgrade has been part of the reason European stocks have been tumbling of late. Bank of France Governor Christian Noyer believes that the markets have already priced-in this downgrade, and does not expect it to have any further effect on bank stocks. The Federal Reserve will reportedly discuss “Operation Twist” at their meeting next week. This is a plan to shift weight in the Fed’s balance sheet more towards long-term securities as opposed to short-term debt. Michelle Meyer, an economist for Bank of America Merrill Lynch, said, “That sends a signal the Fed is still active in supporting growth.” The Fed is keeping a close eye on the debt situation in Europe as well as problems in the U.S., such as the troubling 9.1% unemployment rate. At 8:00 am (CT) the APMEX precious metals spot prices were:
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bsiong
Supreme |
14-Sep-2011 12:39
Yells: "The Greatest Wealth is Health" |
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bsiong
Supreme |
14-Sep-2011 12:37
Yells: "The Greatest Wealth is Health" |
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bsiong
Supreme |
14-Sep-2011 12:18
Yells: "The Greatest Wealth is Health" |
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Gold steady on euro zone woes dollar weighs* Gold's uptrend to hold, but short-term correction likely * Spot gold could rise to $1,885.39 -technicals * Coming Up: Greece, France and Germany conference call 1600 GMT By Rujun Shen SINGAPORE, Sept 14 (Reuters) - Spot gold held steady on Wednesday, as investors flocked to bullion for safe haven from fears of crisis contagion in Europe while technical weakness and a strong dollar weighed on prices. Investors are watching a conference call among Greek Prime Minister George Papandreou, French President Nicolas Sarkozy and German Chancellor Angela Merkel, set for 1600 GMT, amid renewed talk among euro zone policymakers about a Greek default. " Technically we are running into a challenging situation over the next 2-3 days, as the uptrend from the beginning of July faces a short-term correction," said Dominic Schnider, head of commodity research of UBS Wealth Management in Singapore. The dire situation in Europe is expected to hold up the uptrend despite the chance of a brief consolidation, he said. " People are realising the euro concept, not just the debt problem, has major flaws and if they are not changing dramatically in the set-up, we are going to end up in a huge crisis. This degradation is happening right now and warranting higher gold prices." Spot gold inched up 0.4 percent to $1,840.36 an ounce by 0238 GMT, after rising 1.1 percent in the previous session. U.S. gold GCcv1 rose 0.8 percent to $1,844. Technical analysis suggested that U.S. gold could move sideways in the next few weeks, while commodities as a whole may correct moderately by the end of the year, said Reuters marketanalyst Wang Tao. ============================ the higher your energy level, the more efficient is your body. |
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bsiong
Supreme |
14-Sep-2011 12:13
Yells: "The Greatest Wealth is Health" |
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Closing Gold & Silver Market Report – 9/13/2011September 13, 2011 STOCKS SURGE LATE AGAIN ‘BRICS’ TO BUY EURO DEBT? Much like yesterday, stocks surged late to close in the black after spending most of the day in the red. Gold and platinum added to gains this afternoon, while silver and palladium have remained relatively flat. Jeffrey Christian of CPM Group said that investors thought yesterday’s dip in gold prices were “overdone,” bringing them back today. He also attributed a weaker dollar to supporting gold prices. Arthur Hogan of Lazard Capital Markets brought this take on the most recent economic turmoil in the eurozone: “Right now you have to think about Greece as a binary event, like a biotech company in phase three development, they are either going to make it or they are not, and it’s up to Germany.” German Chancellor Angela Merkel is optimistic that leaders in the eurozone will be able to quell Finland’s objections to aid for Greece. Markets experienced a boost late yesterday afternoon when a report showed that China was considering purchasing Italian debt before the report was debunked. A Brazilian official explains that while this may not be completely true, it’s also not completely false. In fact, the BRICS countries (Brazil, Russia, India, China, and South Africa) are all considering an increase in their exposure to eurozone bonds, but the talks are still in a preliminary stage. This could provide some relief to the troubled markets both in Europe and the U.S. At 4:00 pm (CT) the APMEX precious metals spot prices were:
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baberic
Senior |
14-Sep-2011 10:53
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The dollar is weak today. |
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bsiong
Supreme |
13-Sep-2011 23:00
Yells: "The Greatest Wealth is Health" |
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x 0
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Richard Russell - Not So Fast Gold-Haterskingworldnews.com |
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bsiong
Supreme |
13-Sep-2011 22:47
Yells: "The Greatest Wealth is Health" |
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Gold eases as firmer dollar piles on pressure* Gold drifts higher as dollar pares gains * Prices hit technical support below $1,800/oz * Euro zone debt jitters persist By Jan Harvey LONDON, Sept 13 (Reuters) - Gold prices rose in volatile trade on Tuesday after briefly extending the previous session's 2.5 percent slide below $1,800 an ounce, as the dollar pared some of its early gains versus the euro, taking some pressure off the precious metal. The euro remained in the doldrums however after a report that euro zone politicians may provide fresh support to debt-laden Greece was denied, and as the cost of Italy's borrowing reached unsustainable levels. Spot gold was up 0.7 percent at $1,824.89 an ounce at 1340 GMT, having earlier fallen as low as $1,798.75. It has dropped nearly 2 percent this week after posting its biggest monthly gain since November 2009 in August. VTB Capital analyst Andrey Kryuchenkov said gold was set to recover its usual inverse trading relationship with the dollar, " provided the euro holds up and risk sentiment improves a little. Otherwise, extreme risk aversion will see bullion trading with the greenback again." Concerns over the ability of some euro zone economies -- chiefly Portugal, Italy, Ireland, Greece and Spain -- to manage their burgeoning debt helped drive gold prices to record highs above $1,920 an ounce earlier this month. But the metal has faced headwinds around that level, twice failing to sustain a rise above $1,900 an ounce. Dollar strength has returned as a weight on gold after the currency has risen in line with the precious metal in recent years as both benefit from risk aversion. " A stronger dollar may make the journey north more of a struggle," said UBS in a report, noting that action by the Bank of Japan and Swiss National Bank to curb strength in the yen and franc meant " the dollar is emerging as the last safe haven among the world's major currencies for risk-averse investors." " Clearly gold has opportunities here too, though a stronger dollar presents an obstacle in the very short term," it added.
PRICES HIT SUPPORT Today's low near $1,795 is a key support level for gold, technical analysts at ScotiaMocatta said in a note, after the metal fell on Monday as traders cashed in gains to cover losses on other markets. Below that $1,777 is the next key level, a breach of which will take prices right back to $1,704 an ounce, it added. " You can hardly call (gold) a safe haven with these swings," said Saxo Bank senior manager Ole Hansen. " Buyers still emerge on sell-offs, but it looks like the bullish investor has got to be a bit patient right now." " We have failed to make new highs despite the crisis intensifying over the last few days. (There) could be general risk reduction as banks are cutting/reducing lines to traders or profit is booked to offset losses." Silver was up 0.7 percent at $40.48 an ounce. Holdings of the world's largest silver-backed exchange-traded fund, the iShares Silver Trust , rose nearly 79 tonnes on Monday, their largest one-day inflow since August 23. Spot platinum was up 0.3 percent at $1,806.50 an ounce, while spot palladium was up 2 percent at $716.22 an ounce. " Gold prices have retained their premium over platinum for seven consecutive sessions, despite losing 2.4 percent yesterday..., as macro-economic woes continue to support safe haven interest," said Barclays Capital in a note. In supply news, Zimbabwe and Zimplats , the local unit of the world's second-largest platinum producer Impala Platinum , said on Tuesday they had agreed to produce a revised plan for a law requiring mining firms to turn over a 51 percent stake to local blacks. Zimbabwe is the world's third-largest primary platinum supplier behind South Africa andRussia, with output of 280,000 ounces last year, or nearly 5 percent of global supply. (Reporting by Jan Harvey Editing by Alison Birrane Editing by William Hardy) |
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bsiong
Supreme |
13-Sep-2011 22:45
Yells: "The Greatest Wealth is Health" |
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Morning Gold & Silver Market Report – 9/13/2011September 13, 2011 GLOBAL LEADERS WORRY OF GREEK DEFAULT Since the Closing Gold & Silver Market Report yesterday afternoon, precious metals’ prices have climbed. The investor sell-off has abated and appeal for gold is again on the rise thanks in large part to a potential Greek debt default and the European banking crisis. " There is a slow-motion train wreck going on in Europe at the moment, which is going to be relatively supportive of gold," said Nick Trevethan, Senior Commodities Strategist at ANZ. " All the factors that have been supporting gold for the past few months are still there. Nothing has changed." The U.S. has concerns that Europe is not able to handle its debt crisis. German Chancellor Angela Merkel has come out to her own coalition and asked to watch what they say when referring to the markets to avoid creating turmoil. In a radio interview her response to whether a Greek default would sink the euro, she said, " We are using all the tools we have to prevent this. We need to avoid all disorderly processes with regards to the euro." President Obama voiced his concerns on the subject as well, saying, " It is difficult to coordinate and agree a common path when you have so many countries with different policies and economic situations…In the end the big countries in Europe, the leaders in Europe must meet and take a decision on how to coordinate monetary integration with more effective coordinated fiscal policy.” U.S. Treasury Secretary Timothy Geithner is taking the unprecedented step of returning to Europe to attend the meeting with euro zone finance ministers this Friday, a week after attending the G7 conference. Inflation concerns within the U.S. have seemed to ebb as import pricing fell for the second time in the last three months. Export prices rose after a decline last month. “A lot of it has to do with the moderation in commodities prices,” Sean Incremona, a Senior Economist at 4Cast Inc. in New York, said. “[Minus food and energy,] inflation appears pretty stable. A lot of the upside is starting to stabilize and return to moderation.” At 8:00 AM (CT) the APMEX precious metals spot prices were:
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