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Closing Gold & Silver Market Report, 7/25/2012

LIKELIHOOD OF EASING GROWS; HOUSING MARKET HIT AND MISS

Precious Metals prices have rallied on quantitative easing talk domestically, as well as internationally. Gold in particular is continuing its upward movement as a result of the easing talk. DoubleLine Capital commodities manager Jeffrey Sherman said, “The Gold market has been looking for any hints of any quantitative easing program. You are seeing this big bounce today off the fact that there could be something going on in euro land.” The European Central Bank potentially will create new money to help sovereign bailouts within the eurozone, a potential boost to Gold prices.

New home sales have fallen, creating a bit of a setback to the nominal housing market recovery. The decline was primarily due to a huge sales drop in the Northeast. Economist Yelena Shulyatyeva said, “Housing will continue to recover gradually throughout the year, but fundamentals are not supportive of a fully fledged housing market recovery.” Meanwhile, fundamental data still suggest a marginal recovery. Economist Joel Naroff said, “It is hard to believe that the market is turning downward when the home builders confidence index jumped in July to its highest level in over five years. Either developers are clueless, or the data have yet to catch up with reality. I am on the side of the latter.”

Meanwhile, concerns continue to grow over eurozone debt fears as a number of high ranking officials and even prime ministers are planning to take time off for the European holiday season. After issuing a statement yesterday blasting bond traders for driving up Spain’s borrowing costs, Germany’s Finance Minister Wolfgang Schaeuble is now on a three week vacation. However, Germany’s Schaeuble and Chancellor Angela Merkel are supported by gains in the German bunds markets. The top two German officials’ vacation plans have investors looking elsewhere for crisis management.

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

  • Gold, $1,605.30, Up $27.10.
  • Silver, $27.39, Up $0.49.
  • Platinum, $1,400.40, Up $13.80.
  • Palladium, $566.00, Up $3.40.

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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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