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Closing Gold & Silver Market Report – 5/11/2012

GOLD, SILVER PRICES FALL INTO WEEKEND  

Uncertainty. We are in the middle of one story after another that makes an investor wonder which side is up. JPMorgan reported $2.2 billion in losses. Chesapeake Energy continues to get hammered after questionable acts by its chief executive. No wonder we live in a time of lacking trust. David Darst, chief strategist at Morgan Stanley, spoke of this investor lack of confidence in the stock market when he said, “They have lost faith and trust in politics, and they have lost faith and trust in the political powers in Washington.” Jeremy Siegel, a Wharton finance professor, cannot understand why people are running to 10-year government bonds when the guaranteed low yield guarantees a loss in purchasing power. It makes no sense that United States Treasuries are considered a safe haven. It might make no sense that Gold and Silver prices are going down.

Why is Gold and Silver down? The same old story. The euro looks so bad that the Unites States dollar looks good. U.S. Sen. Tom Coburn of Oklahoma, speaking on CNBC, called the American dollar the least wilted flower in the vase. No one can know for certain where the price of Gold or Silver might go. But looking at the past, it seems uncertainty is often very fertile ground.

Have a great weekend!

At 5 p.m. (EST), the APMEX Precious Metals prices were:

  • Gold - $1,581.80 – Down $15.20.
  • Silver - $28.94 – Down – $0.30.
  • Platinum - $1,466.30 - Down $28.50.
  • Palladium - $604.10 – Down $12.20.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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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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