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Closing Gold & Silver Market Report, 07/03/2012

GOLD PRICE ENDS HIGHER ON HOPES OF MORE EUROZONE STIMULUS  

The Gold price closed at its highest point in two weeks today on hopes that the European Central Bank (ECB) will announce more stimulus measures to buoy a floundering economy in the 17 nation euro currency union. Expectations are that any announcement of stimulus by the ECB would be followed by similar measures from other major central banks.

Christine Lagarde, managing director of the International Monetary Fund, warned of a coming crisis when the United States crosses over the fiscal cliff looming in the next 12 months.  “Fiscal cliff” is Washington, D.C., insider terminology for the expiration of a set of large tax cuts combined with huge cuts in federal spending totaling around $4 trillion, which would take an act of Congress to prevent. Lagarde said that a failure by lawmakers to act would cause a severe contraction of the American economy, sending already tepid GDP growth to levels near zero. In the same announcement, the IMF lowered its expectation of 2013 GDP growth to 2.25 percent from 2.4 percent, even if Congress were to act to prevent the economy from falling over the fiscal cliff.

The same stimulus anticipation that has lifted Gold prices also lifted oil prices today, helped by news that the Iranian Parliament is working on a law to block the Strait of Hormuz to oil tankers, shutting off a large part of the world’s oil supply. Any blockade attempted by Iran would likely be interpreted as a violation of international law.

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

  • Gold, $1,618.80, Up $19.60.
  • Silver, $28.30, Up $0.74.
  • Platinum, $1,490.20, Up $33.40.
  • Palladium, $600.60, Up $21.60.

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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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