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Closing Gold & Silver Market Report - 5/1/2012

METALS SHOW LITTLE MOVEMENT; FED OFFICIALS RAISE CONCERNS          

Precious metals prices have remained steady in afternoon trading, as the majority of world markets are closed in observance of May Day. United States manufacturing data released today is still a plus in the eyes of investors; stock markets were up, but metals remained relatively flat. Year to date, the Gold price is up 6 percent after the Federal Reserve in January said that interest rates would remain near zero until 2014 to encourage economic development.

Pimco Chief Executive Mohamed El-Erian said, “The U.S. economy is on the right path but it’s not moving fast enough.” El-Erian said he thinks the Federal Reserve should not implement another round of quantitative easing at this time.

Two Federal Reserve officials advised that America could be heading toward a fiscal cliff by the end of the year if mandated tax increases and spending cuts are implemented. Atlanta Fed President Dennis Lockhart said there could be a “financial shock” if markets begin to anticipate that lawmakers in Washington will not address the situation. The goal here is to build a stronger foundation for America to be able to control the budget deficit.

At 5:26 p.m. (EDT), the APMEX precious metals spot prices were:

  • Gold - $1,663.60– Down $1.60.
  • Silver - $30.97 – Down $0.06.
  • Platinum - $1,572.40 – Up $0.50.
  • Palladium - $681.00 – Down $2.40.

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 6 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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