Mid-Day Gold & Silver Market Report 3/21/2012
GOLD MERITS POSITIVE OUTLOOK; SURVEY SHOWS U.S. CONFIDENCE
The Gold price is slowly moving higher today. The precious metal received a positive outlook from the Australian Bureau of Resources and Energy Economics. The bureau said today that Gold prices will average 16 percent higher in 2012 at about $1,810 an ounce, based on the debt crisis in some eurozone countries, negative U.S. real interest rates, central bank purchases and inflationary pressures in emerging markets.
Arnab Das at Roubini Global spoke to CNBC regarding the continuation of the European debt crisis. Das said, “Our view is that Greece is done, Portugal is coming, and also Ireland. We will see more orderly debt restructuring within the eurozone as long as it’s not part of the ‘too big to fail’ economies like Italy and Spain.”
A survey was conducted by Bank of America Merrill Lynch in which fund managers expressed their confidence regarding the future growth for the U.S. “The conclusions you reach from it is that fund managers said that QE has worked; that central bank policy is working; that the fight against inflation is working to the extent that they don’t think it is needed anymore,” Gary Baker said.
At noon (CDT), the APMEX precious metals spot prices were:
- Gold - $1,651.50 – Up $3.00.
- Silver - $32.09 – Up $0.22.
- Platinum - $1,644.00 – Down $11.30.
- Palladium - $688.80 – Down $8.30.
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