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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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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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