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.
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