Closing Gold & Silver Market Report, 06/12/2012

FED CONFIRMS RECESSION’S EFFECT ON MIDDLE CLASS WEALTH  

A report released by the Federal Reserve on Tuesday confirmed what many Americans already knew: The Great Recession wiped out a significant amount of household wealth and hit the middle class especially hard. Median net worth in the United States declined by 38 percent between 2007 and 2010. These declines in net worth have had a negative effect on consumer spending, which makes up about 70 percent of the American economy. This reduction in consumer spending, in turn, made the recession longer and deeper, and the recovery painfully slow. “What you see is an economy that’s really very, very stressed for the bottom 60 to 70 percent of the population that’s struggling just to make ends meet,” said Lance Roberts, chief executive of Streettalk Advisors LLC.

Chicago Federal Reserve Bank President Charles Evans made remarks on Bloomberg Television in favor of more monetary stimulus and quantitative easing. Despite the fact that Evans has held a view that more stimulus is needed for quite some time, his remarks today added fuel to a rally in stock markets Tuesday. “This market seems to embrace the idea that flooding the system with money is going to somehow make things better. It’s almost Pavlovian; someone says more stimulus, and boom,” said Mike Shea, managing partner at Direct Access Partners.

At 4 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,610.90, Up $14.10.
  • Silver, $29.01, Up $0.31.
  • Platinum, $1,455.50, Up $4.20.
  • Palladium, $625.00, Down $0.10.

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 ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/25/2014 4:12:52 AM EST

Metal Bid Ask Change
Gold $1,293.70 $1,295.70 $3.10
Silver $19.53 $19.63 ($0.12)
Platinum $1,403.90 $1,413.90 $4.30
Palladium $800.80 $805.80 $2.50
4/25/2014 4:12:52 AM EST

Click here for Historical Charts*All Charts are in USD


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