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.
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