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Closing Gold & Silver Market Report – 3/1/2012

GOLD, OTHER METALS END THE DAY UP; IMF SAYS EUROPE STILL A THREAT  

Prices for all four precious metals ended the day up in afternoon trading, with Silver and Platinum in particular both continuing to gain since the posting of the Mid-Day Gold & Silver Market Report. The Gold price has seen a slight drop since noon, although it still ended the day in positive territory, while Palladium has stayed relatively flat. Yesterday’s downward movement in precious metals came in response to Federal Reserve Chairman Ben Bernanke’s testimony before a congressional committee in which he gave no indication that a third round of quantitative easing is under consideration by the Fed. Julian Jessop of independent macroeconomic research consultancy Capital Economics called the movement by the metals overdone and said that he feels the appeal of Gold will make up for the unlikelihood of a QE3. Referring to that appeal, Jessop said, “It is the risk of a renewed escalation of the eurozone crisis that underpins our forecasts.” Analysts with bullion broker Sharps Pixley in London suggested that yesterday’s Gold pullback could be a window of opportunity for investors looking to get into Gold, saying in a note to clients, “The long-term Gold story remains unchanged.”

In a report prepared for the so-called Group of 20 nations, the International Monetary Fund (IMF) stated that economic hazards in Europe still threaten the recovery of the world economy. The report described the global economy as facing “major downside risks.” Based on the IMF’s report, the forecast for the eurozone’s economy is that it will undergo a 0.5 percent contraction in 2012. Additionally, economic expansion worldwide will experience a slowdown from last year’s rate of 3.8 percent to a rate of 3.3 percent this year. According to the report, “The overarching risk remains an intensified global ‘paradox of thrift’ as households, firms, and governments around the world reduce demand. This risk is further exacerbated by fragile financial systems, high public deficits and debt, and already-low interest rates.” The report also stated that policy-makers in the United States have yet to make any progress toward a “credible medium-term fiscal adjustment plan.”

At 4:13 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,719.60 – Up $7.80.
  • Silver - $35.58 - Up $0.92.
  • Platinum - $1,703.70 - Up $10.10.
  • Palladium - $718.20 - Up $9.80.

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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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