Closing Gold & Silver Market Report, 06/26/2012
INVESTORS SEEK SAFE HAVEN AS UNCERTAINTY REIGNS
Stocks rose slightly today, as economic data and headlines cast a glimmer of hope onto trading floors. Home prices rose slightly, according to the Case-Schiller index that measures home values in 20 major cities across the United States. However, optimism is still mixed with copious amounts of doubt, as described by Keith Wirtz, who oversees $15 billion as chief investment officer for Fifth Third Asset Management: “There are lots of variables at play. … People are looking at signs of stabilization in the housing market; there’s the European summit this week; it’s almost quarter end. It’s going to be a volatile week.”
Mixed with the good news about the housing market was a drop in consumer confidence to the lowest level in five months, indicating that consumers are getting jittery about the job market and their investments. According to a report by the Investment Company Institute, mutual funds saw cash outflows top $620 million, meaning investors withdrew at-risk money to invest in safer assets such as bonds and Gold. The same report showed inflows of $3.6 billion into bond funds, demonstrating investors’ search for a safe haven.
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,574.40, Down $15.50.
- Silver, $27.13, Down $0.52.
- Platinum, $1,428.30, Down $12.90.
- Palladium, $597.50, Down $10.80.
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