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Morning Gold & Silver Market Report – 4/30/2012

GOLD, SILVER PRICES DROP SHARPLY  

Stock futures were unchanged, while the precious metals markets turned sharply lower in morning trading. The news that the Spanish economy is officially in a recession certainly puts a damper on the markets. Austerity programs and spending cuts make it unclear when the economy might ever begin to turn around. Spain is the eurozone’s fourth-largest economy, and it is under pressure to reduce its public debt. This is having a negative effect on the euro, thus boosting the American dollar.

Something to keep an eye on this week will be a potentially testy trip to Beijing by Secretary of State Hillary Clinton and Treasury Secretary Timothy Geithner, focusing on trade talks and global issues. What makes things testy are the human-rights issues that have been prevalent and issues involving China’s allies Iran and North Korea. Another underlying factor are the upcoming elections in the U.S. and a change in leadership in China. Kenneth Lieberthal, an Asian policy expert with the Brookings Institute, said, “It is feasible that this will become a very big deal with major negative impact on U.S.-China relations, but it is also feasible and far preferable that this be able to be negotiated quickly and quietly.”

The outlook for Gold is still tied quite heavily to pro-quantitative easing sentiment. LGT Capital’s Bayram Dancer said, “We had the GDP data from the United States, which (fueled) higher hopes of quantitative easing. Analysts have really decreased (their expectations for QE), but I feel if the conditions are right, we can still see some sort of quantitative easing.” However, the fact that the Gold price has remained over $1,620 an ounce is making investors pretty happy.

At 9:05 a.m. (EDT), the APMEX precious metals spot prices were:

  • Gold - $1,653.50 – Down $12.30.
  • Silver - $30.82 – Down $0.61.
  • Platinum - $1,570.50 – Down $5.20.
  • Palladium - $679.20 – Down $3.30.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 5 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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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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