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Morning Gold & Silver Market Report, 7/18/2012

GOLD LOWER AS FIRM REPORTS ‘STRONG POSSIBILITY’ OF EASING

Precious Metals prices were down this morning, with Gold and Silver prices hovering around 1 percent lower. Markets are still reacting to Tuesday’s testimony to the United States Senate Banking Committee by Federal Reserve Chairman Ben Bernanke, who did not give a clear sign that another round of quantitative easing was likely. David Lennox of Fat Prophets said, “The market was living in hope that he might say a little more than he did.” The closest Bernanke came to saying anything of note on the topic was that the Fed is “looking for ways to address the weakness in the economy, should more action be needed to promote a sustained recovery in the labor market.”

Though there is no official word that more easing will happen, Goldman Sachs said in a recent report that there is a strong possibility it could happen later this year. Goldman Sachs economist Andrew Tilton said, “While we think that a modest easing step is a strong possibility at the August or September meeting, we suspect that a large move is more likely to come after the election or in early 2013, barring rapid further deteriorating in the already cautions near term Fed economic outlook.”

American stock futures were down this morning. Bernanke was scheduled to continue his testimony today, though consensus is that it will draw less interest from the markets. Housing starts rose to the highest level since October 2008, though the news wasn’t enough to turn around the loss in stock futures.

At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,571.60, Down $19.40.
  • Silver, $27.07, Down $0.33.
  • Platinum, $1,407.50, Down $13.20.
  • Palladium, $579.00, Down $5.40.

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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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