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February 23rd Gold Market Preview

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Gold and silver spot values are posting mixed results as of the writing of this post early Monday morning. Last week, though slow, saw metals post losses for the 4th consecutive 5-day trading session. The reality of the matter is that some bearish outside markets are making it tough for gold and silver to realize any substantial gains.

As has been the case for the past few weeks, you can expect the focus of the marketplace to continue to be on what is happening across Europe. To open this week up, we have been given more news from ongoing talks involving Greece’s government and their EU creditors. This situation is a big deal for investors from all over the world, but is especially concerning due to the fact that there really isn’t much else for investors to pay attention to.

Deal Reached Between Greece and Creditors

After extensive talks and what seemed to be a stalemate, Greek government officials and their EU creditors were able to strike a last-minute deal on Friday. The deal, which will see Greece’s EU-funded financial package delayed 4 months, was reached in the wake of the market’s coming to terms with the fact that a deal will not be reached.

Stock markets around the world were given a boost on the news and are continuing to perform well to begin this new week. Though investors are happy with the deal struck in Greece, experts warn that this deal is not even close to a lasting solution. Rather, the deal reached on Friday will simply put off Greece’s current bailout issues for a few more months. Before long, you can expect that the market will once again be concerning itself with Greece, their economy, and their relationship with EU creditors.

For gold and silver, this news boosting stock markets was enough to prevent gains from taking place today, but making matters worse is the fact that crude oil is trending lower while the USD Index is moving increasingly higher.

In other news from Europe, it was reported that German business confidence rose for the fourth consecutive month in February. Though the business confidence improvement from January to February was marginal, it was still encouraging for investors to see the economic situation in Germany continuing to improve.

As we head further into this week, you can bet your bottom dollar that the market will remain focused on what is going on in Europe.
If you are wondering why no news stories are coming from Asia, the reason for this is due to the fact that most Asian businessmen and women are taking time off to celebrate the Lunar New Year, which began last week. From the US, economic data and trading activity continues to be pretty light.


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