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Closing Gold & Silver Market Report - 5/2/2012

MARKET NOT SURE HOW TO REACT; GOOD NEWS FOR GREECE  

As active members of the Federal Open Market Committee shared their thoughts about the American economy and Gold demand decreased in India, the yellow metal took a step back in price this week. India has imported 90 tons less in April than it had the same time last year. The number of jobs that were created by American employers was less than expected. Frank McGhee at Integrated Brokerage Services, LLC, voiced his opinion. McGhee said, “The market is clearly worried. The physical demand has also been very weak.”

Standard & Poor’s rating agency has decided to upgrade Greece's long-term credit rating from selective default to sub-investment grade triple-C today, based on the success the eurozone nation experienced with its dreadful bond swap. “The CCC rating on Greece reflects our view of the recent reduction in government debt following the restructuring, the reduction in debt servicing costs as a result of the exchange, and the increased average maturity of the central government debt stock,” S&P wrote in a release.

At 5:19 p.m. (EDT), the APMEX precious metals spot prices were:

• Gold - $1654.70 - Down $8.70
• Silver - $30.67 - Down $0.29
• Platinum - $1563.00 - Down $10.30
• Palladium - $669.20 - Down $12.80

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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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