Our Daily
Market Reports

Closing Gold & Silver Market Report, 7/23/2012

PRECIOUS METALS VOLATILE ON EUROZONE WOES  

Precious Metals remained volatile throughout the day’s market activity, primarily due to the rehash of the eurozone debt crisis afflicting Spain and Greece. The International Monetary Fund has stepped up efforts to get Greece back on track with a conference set for Tuesday. Precious Metals continue to hold at technical levels despite the concerns. Commodities broker Phillip Streible said, “When Gold gets down to a certain range around $1,550 (to $1,5)60, investors often consider it a safety play and an inexpensive hedge in their portfolios. … Plus, a lot of people think that weaker global cues are going to entice the Fed to embark on another quantitative easing plan, so Gold’s downside is somewhat limited.”

Stock markets closed off the lows of the morning. Stocks were cautious ahead of mediocre earnings and fears of Spain needing a national bailout. Speaking of Spain’s effect, portfolio manager Eric Green said, “The selloff this morning was overdone, and obviously the market felt that way too. … Nothing incrementally negative came out, but obviously we’re still worried about the situation there.” A number of Spanish regions are looking to government funding to keep their finances afloat. That news alone led to a 1 percent drop in the S&P today.

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

  • Gold, $1,577.40, Down $6.90.
  • Silver, $27.06, Down $0.34.
  • Platinum, $1,401.70, Down $12.80.
  • Palladium, $571.90, Down $5.30.

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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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