Morning Gold & Silver Market Report – 3/22/2012


Precious metals fell in overnight trading, as less-than-promising Chinese factory data has caused many investors to cash out their positions for profit-taking purposes. Many investors are awaiting European data to see how the eurozone is faring after the Greek bailout deal. Yuichi Ikemizu, head of commodity trading, said, “A lot of people are on the sidelines at the moment. … We saw some bearish signs, but the market seems to be holding well. The upside at $1,800 is still looking quite heavy, and investors are waiting for a cue.”

Chinese factory data continues to decline, falling from a PMI rating at the end of February of 49.6 to a preliminary 48.1 for the month of March. The PMI rating is based on a 100-point scale, with 50 being the divider between growth and contraction. Based on the latest data, China’s economic outlook is worsening. HSBC economist Hongbin Qu said, “Weakening domestic demand continued to weigh on growth, as indicated by a slowdown in new orders, which came in at a four-month low. More worryingly, employment recorded a new low since March 2009, suggesting slowing manufacturing production was hindering enterprises’ hiring desire.”

In a surprising turn of events domestically, jobless claims continued to fall. Although still not at levels economists are looking to achieve, this development is still viewed as a good sign. The four-week moving average, a better measure of labor market conditions, declined 1,250. Employers also are hiring more, adding 227,000 jobs in February.

At 8:18 a.m. (CDT), the APMEX precious metals spot prices were:

  • Gold - $1,635.60 – Down $16.20.
  • Silver - $31.59 – Down $0.67.
  • Platinum - $1,616.10 – Down $25.30.
  • Palladium - $666.00 – Down $22.60.

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APMEX’s ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/25/2014 4:10:47 AM EST

Metal Bid Ask Change
Gold $1,293.30 $1,295.30 $2.70
Silver $19.54 $19.64 ($0.11)
Platinum $1,403.20 $1,413.20 $3.60
Palladium $800.80 $805.80 $2.50
4/25/2014 4:10:47 AM EST

Click here for Historical Charts*All Charts are in USD

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