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The Eurogroup will meet this week to discuss a strategy to bring Greece’s debts down to a sustainable level. Disagreement between the EU (European Union) and the IMF (International Monetary Fund) on how to put G..

20 Nov 2012

NEW YORK (Commodity Online): Gold, sillver and other commodities are keenly eyeing a meeting of eurozone finance ministers on Tuesday.

Global gold and silver prices ended the United States day session solidly higher on Monday. The precious metals markets were boosted by a weaker US dollar index and sharply higher crude oil prices.

The Eurogroup will meet this week to discuss a strategy to bring Greece’s debts down to a sustainable level. Disagreement between the EU (European Union) and the IMF (International Monetary Fund) on how to put Greece on a sustainable path is holding back the release of the 31.5 billion euros tranche to Greece, said ETF Securities in its weekly report on precious metals.

A number of European parliaments need to agree to the payment before it can be dispersed. The continued uncertainty will likely keep markets on edge a while longer.

Global holdings of gold exchange-traded products hit an all-time high last week as investors monitored the Greece and the US “fiscal cliff” situations.

“Concerns the US may not be able to avoid going off the ‘fiscal cliff’ at the end of the year and Greece may have trouble having its next bailout disbursement approved, caused investors to continue to build their gold ETP holdings as a hedge against worst-case scenarios,” the firm noted.

Official data last week confirmed that the Eurozone is back in recession for the first time in three years.

December gold last traded up $19.60 at $1,734.30 an ounce on the Comex division of the New York Mercantile Exchange. Spot gold was last quoted up $19.70 at $1,734.00. December Comex silver last traded up $0.80 at $33.17 an ounce.


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