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Mid-Day Gold & Silver Market Report - 5/11/2012

GOOD NEWS FOR GOLD; PIMCO CALLS FOR QE3  

Good news for Gold prices surfaced when a survey conducted by Bloomberg showed that 14 of 32 analysts anticipate prices to gain next week. The Gold price is currently being affected by the political uproar in Europe, which is pushing the euro down, and positive American economic news, which is strengthening the dollar. “When the market gets very nervous, then they buy dollars, and Gold finds it difficult to rally,” said Jesper Dannesboe, an analyst at Societe Generale SA in London. “Given what’s going on in the markets at the moment, any rally will probably just be a bounce before another setback.”

The prediction is that when the Federal Reserve meets again in June, there will be an announcement about further monetary easing. Bill Gross, who runs PIMCO’s Total Return Fund, wrote Thursday on Twitter, “A decision to buy more debt is getting closer.” Gross was referring to the Federal Reserve possibly purchasing additional bonds to counter a sluggish United States economy. Jan Hatzius at Goldman Sachs Group Inc. said, “In such an uncertain environment, taking out a bit more insurance still looks like the sensible choice for American monetary policy-makers. We have stuck with our forecast of some additional monetary easing,” referring to the Fed’s policy meeting June 19 and 20.

China’s economy appears to show an unexpected slowdown in output data for April, with lower retail sales and easing prices. Both industrial output and fixed asset investment growth fell below their lowest points in some time. Alistair Thornton, an economist with IHS Global Insight in Beijing, believes a structured plan should be developed to promote growth for the economy. Thornton said, “The government has attempted to revive the economy through largely passive means, but that strategy appears to be failing. A more assertive monetary policy is now needed.”

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

  • Gold - $1,588.00 – Down $9.00.
  • Silver - $29.08 – Down $0.16.
  • Platinum - $1,475.90 – Down $18.90.
  • Palladium - $603.80 – Down $12.60.

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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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