Our Daily
Market Reports

Morning Gold & Silver Market Report, 7/26/2012

ECB PRESIDENT’S COMMENTS BOOST EURO, GOLD  

Uplifting comments from European Central Bank President Mario Draghi have boosted the euro for the second straight day, and Gold is following suit. BNP Paribas analyst Anne-Laure Tremblay said that positive news from the eurozone may not be the only thing supporting the Gold price. “Yesterday’s move above $1,600 an ounce was driven by more positive sentiment towards Gold on the back of growing anticipation for QE (quantitative easing). A move above $1,630 an ounce would be the sign of a more durable upward trend,” Tremblay said.

American stock futures are also higher on Draghi’s comments. Miller Tabak strategist Peter Boockvar said, “We’re seeing another instance of central bankers trying to save the day with the threat of their printing machine. Whenever Draghi talks about ‘policy transmission’ being hampered, it’s his Morse code for restarting their bond buying program.” In his comments, Draghi said the euro is irreversible, reaffirming his stance to save the common currency from breaking up.

United States jobless claims historically tend to be volatile in the month of July, and 2012 has been no different. The report today showed a larger than expected drop in new claims, though many economists aren’t sold on the good news. Bob Baur of Principal Global Investors said, “I’m not sure we can see a clean number for another week or two yet. I look at the labor market and see it’s gradually healing, just healing very slowly.  Businesses are reluctant to do anything.” The less volatile four week moving average dropped, as well, and is currently at its lowest level since March.

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

  • Gold, $1,615.60, Up $5.50.
  • Silver, $27.69, Up $0.14.
  • Platinum, $1,411.10, Up $11.70.
  • Palladium, $573.80, Up $7.50.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

« Return to Commentaries

World Market Trading Hours

Our spot prices are subject to change during the following hours, excluding holidays:

 
Gold
Silver
Platinum
Palladium
COMEX &
NYMEX Markets
Monday-Friday
8:20AM-1:30PM
Monday-Friday
8:25AM-1:25PM
Monday-Friday
8:20AM-1:05PM
Monday-Friday
8:30AM-1:00PM
CME Globex
World Markets
Monday-Friday
6:00AM-5:15PM
Monday-Friday
6:00AM-5:15PM
Monday-Friday
6:00AM-5:15PM
Monday-Friday
6:00AM-5:15PM

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.

Back To Top

Items In Cart


There are no items in the cart.

PLATINUM