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Morning Gold & Silver Market Report, 7/27/2012

BETTER THAN EXPECTED GDP HOLDS BACK GOLD PRICE  

American stock futures rose this morning ahead of the second quarter gross domestic product (GDP) estimate release. Economists predicted a rise of 1.3 percent in the GDP, and the actual number was slightly higher than expected at 1.5 percent. Though the number was better than expected, the number is still well below the first quarter’s numbers. Gold gave up some early gains on the news as the American dollar recovered from losses.

A French newspaper reported that action from the European Central Bank (ECB) is imminent in the form of buying Spanish and Italian government debt. The report comes a day after ECB President Mario Draghi pledged “to do whatever it takes to preserve the euro.” The euro has risen on that statement, giving support to the Gold price as well. Marex Spectron’s David Govett said in a research note, “We have heard all this before from Draghi (and others), and so far they have not backed up their words with action. However, I suspect we are now at a juncture where unless they act, the euro may be doomed. So it would not surprise me at next week’s ECB meeting to get some concrete evidence of action.”

Mark Mobius, executive chairman of Templeton Emerging Markets Group, believes fiat currencies may soon be a thing of the past. “It’s already happening; you’re beginning to see that trend with central banks stocking up on Gold. The estimate is that at least half of the buying is central bank buying. They are looking to the day when they can say, ‘OK, our currency is backed by Gold, and therefore we’re a strong currency,’” Mobius said. One fund manager went even further, saying, “Every single fiat currency in history has collapsed; this time will be no different.”

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

  • Gold, $1,622.50, Up $5.40.
  • Silver, $27.62, Up $0.08.
  • Platinum, $1,411.30, Up $5.70.
  • Palladium, $575.10, Up $4.30.

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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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