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Mid-Day Gold & Silver Market Report - 5/4/2012

FISCAL POLICY CRUCIAL IN AMERICAN RECOVERY   

Precious Metals prices were slow to move in this morning’s trading. The goal of creating 170,000 jobs for April was not reached, as an employment report earlier today showed only 119,000 jobs had been added. Addressing America’s economy, Robin Bhar at Societe Generate said, “The numbers were less than consensus but beat some more bearish expectations. The $64 million question is what it means for quantitative easing, which of course is key for the Gold market. The euro/dollar hasn’t shifted a huge amount.” 

The global economic situation isn’t the brightest now. The United States is experiencing a high unemployment rate, while Europe is facing financial troubles. San Francisco Federal Reserve Bank President John Williams said the American economy should continue on a path to recovery by following a proper fiscal policy. Williams said, “Substantial risks remain that could cause the economy to perform worse than I expect. Under these circumstances, it’s crucial that we continue our highly accommodative monetary policy.” Williams also shared his outlook on growth in America, which he set at 2.5 percent this year and 2.75 percent for 2013. And he predicted inflation to stay around the Federal Reserve’s 2 percent projection for 2012, but to drop a bit in 2013 and 2014.

At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold – $1,642.70 – Up $6.90.
  • Silver - $30.27 – Up $0.24.
  • Platinum - $1,533.00 – Down $1.10.
  • Palladium - $653.60 – Down $8.80.

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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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