Morning Gold & Silver Market Report, 8/1/2012
Ryan Schwimmer
8/1/2012 8:07:00 AM
JOBS REPORT BETTER THAN EXPECTED; METALS PRICES DOWN
Precious Metals, stock markets, and currency trades alike were relatively flat this morning. The markets all seem to be waiting for a decision from the United States Federal Reserve at the conclusion of a two day policy meeting today. A big decision, such as a third round of quantitative easing (QE3), is not expected to come from this meeting. But many analysts suggest that lower interest rates could be extended into 2015.
The European Central Bank (ECB) also has an announcement due this week, though comments from Bundesbank President Jens Weidmann dampened expectations for that announcement. Weidman said that the ECB’s independence “requires it to respect and not overstep it’s own mandate. We are the largest and most important central bank in the euro system, and we have a greater say than many other central banks.”
Precious Metals turned slightly negative (with Silver and Platinum taking more significant downturns) after the release of the ADP jobs report this morning. The economy saw more jobs added than expected in July, according to the report from payroll provider Automatic Data Processing. This good economic news perhaps makes it less likely the Fed would announce drastic measures such as QE3, which helps explain the lower Precious Metals prices.
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,607.00, Down $5.10.
- Silver, $27.34, Down $0.68.
- Platinum, $1,395.70, Down $21.20.
- Palladium, $586.90, Down $4.70.
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APMEX 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. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies
