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Closing Gold & Silver Market Report – 2/27/2012

GOLD PRICE RISE SEEN THIS WEEK; BEARS PREDICT MARKET CORRECTION  

After significant gains pushed Gold to end the previous week up by 2.9 percent, profit-taking by investors caused the price to end the day slightly down in afternoon trading. The metal ended the day down just 0.1 percent based on Gold futures for April delivery. Platinum and Palladium were slightly down, as well. In contrast, the Silver price ended the day slightly up. However, an analyst with CPM Group in New York said Gold is still “well supported,” and this week should see the price per troy ounce climb to more than $1,800 as investors react to economic news over the next few days. Expected to drive the Gold price this week will be the release of consumer confidence, gross domestic product, and manufacturing data for the United States. In addition, the Federal Reserve will release its Beige Book of economic conditions, and Federal Reserve Chairman Ben Bernanke will begin a report to lawmakers on monetary policy that is expected to last two days. Both Fed events are set for Wednesday.

In the face of positive performance by Wall Street stocks, many analysts have predicted a correction that hasn’t happened so far. The first two months of 2012 have been the best start of any year in the market’s history, declines for a single day have stayed below 1 percent, and the S&P 500 Index has surpassed forecasts for the full year. But those who take a bearish view of the market say that this abundance of seeming good news makes a big market pullback even more likely (based on continued geopolitical turmoil, among other things), and they expect a drop in stock prices of at least 10 percent, if not more.  A recent survey by the Bespoke Investment Group shows that the bears outnumber the bulls these days, and many of those polled expect the S&P 500 to fall within the next month. In a note to his clients today, Jeff Saut of Raymond James wrote, “The rise since the ‘buying stampede’ ended, which stopped on Jan. 26, 2012, at Dow 12,841.95, has felt unnatural to me.” Many bearish analysts point to the Dow Jones Transportation Average’s failure to match the highs of the Dow’s Industrial Average -- as would be expected according to “Dow Theory” -- a sign of an inevitable market correction.

At 4:01 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,767.80 – Down $7.60.
  • Silver - $35.43 – Up $0.04.
  • Platinum - $1,708.80 – Down $7.30.
  • Palladium - $704.80 – Down $7.00.

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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