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Mid-Day Gold & Silver Market Report 3/2/2012

SAN FRANCISCO FED PRESIDENT HOPEFUL; GOLD STILL FAVORABLE ASSET   

Precious metals prices are slowly dropping, following this morning’s trend. Gold’s price drop is coming from a stronger U.S. dollar, and the price movement supports the inverse correlation between the two. Federal Reserve Chairman Ben Bernanke indicated this week that additional actions to assist with economic recovery need not be implemented at this time. In the past, the Fed has used quantitative easing and/or securing longer-term bond yields to promote a stronger economy. “The broader macro backdrop remains Gold-favorable, given the negative interest rate environment, longer-term inflationary concerns, and lingering sovereign debt uncertainties,” Barclays Capital wrote in a research note.

San Francisco Federal Reserve President John Williams reflected on the U.S. economy’s current condition and future outlook Thursday in a speech to financial analysts. On the present unemployment rate, he said, “We are far short of maximum unemployment. And I expect inflation to fall this year below the 2 percent level that we view as consistent with our mandate.” Although the unemployment rate has dropped to 8.3 percent, Williams said he expected it to remain above 8 percent into next year and to be well over 7 percent for several years to come. But Williams expressed hopes for a healthy recovery in the U.S. “Let me emphasize, though, that overall things are turning for the better. You can sense greater optimism in the business community, although it is cautious optimism.”

At noon (CST), the APMEX precious metals spot prices were:

  • Gold - $1,712.30 – Down $10.40.
  • Silver - $34.88 – Down $0.81.
  • Platinum - $1,695.10 – Down $7.00.
  • Palladium - $712.10 – Down $4.70.

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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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