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Morning Gold & Silver Market Report – 5/8/2012

HEDGE FUND MANAGER: BEWARE ‘TAXMAGEDDON!’

Precious metals and stocks across the globe are trading lower this morning amid the renewed concerns in Europe.  Mike McCudden of Interactive Investor explained, “With the sight of yet more roadblocks on the road to recovery for the euro zone, investors hoping for some positive surprises from the French and Greek elections have been left largely disappointed.”  Concerns in Europe have brought the euro’s value down, and precious metals seem to be reacting to that development.

One hedge fund manager is predicting tough times ahead for stocks, which could be positive for gold and silver, considering the negative correlation the metals historically hold to stocks.  Referring to the Federal Reserve’s “Operation Twist,” he says that “the Fed has effectively found a way to keep long-term interest rates low … and cleverly engineered another bull rally (for stocks). … The U.S.A. will have to start dealing with issues that some market participants refer to as Taxmageddon.”  “Taxmageddon” is the term being given to the coming months before the U.S.A. presidential election, when many decisions on tax breaks are due.

At 10:10 a.m. (EDT), the APMEX precious metals spot prices were:

  • Gold – $1,603.80 – Down $36.30.
  • Silver - $29.37 – Down $0.79.
  • Platinum - $1,510.30 – Down $20.80.
  • Palladium - $626.40 – Down $22.40.

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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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